GROWTH WITH INTELLIGENCE AND INNOVATION

Transcription

1 GROWTH WITH INTELLIGENCE AND INNOVATION

2 Aloft Guadalajara CONTENT 2014 ANNUAL REPORT 3 Strategy About Fibra inn Mission Vision Values Business Model Structure Our Leadership Fibra Inn s Specialization in the Hotel Business Value Creation for our Investors during 2014 Dividends 13 Highlights 18 Message to our Investors 20 Portfolio 34 Corporate Governance 48 Management Discussion and Analysis 57 Audited Financial Statements Investor Information 1

3 Casa Grande Delicias STRATEGY ABOUT FIBRA INN Fibra Inn is a Mexican real estate trust, mainly created to acquire, develop and lease a group of hotel properties in Mexico. Headquartered in the city of Monterrey, Fibra Inn owns a portfolio of high-quality and geographically-diversified properties that are designed to serve business travelers. The properties operate under recognized international brands that have important loyalty programs in the hospitality industry, and offer options that appeal to business travelers. Fibra Inn's CBFIs (Real Estate Trust Certificates) are listed on the Mexican Stock Exchange (BMV) under ticker symbol FINN

4 STRUCTURE <49% Control Trust Adhering Guests MISSION To fully satisfy the needs of our guests, thereby generating value for Fibra Inn's investors. Public Investors Control Trust 83.3% 16.7% >51% Founders The Advisor VISION To be the leading hotel proprietor providing accommodation services to business travelers, throughout Mexico, offering memorable experiences for guests, a healthy and adequate work environment for employees, while exceeding investor expectations. 100% Management Subsidiary The Hotel Operator Operadora México Servicios y Restaurantes, SAPI de CV (Non-lodging facilities) Servicios Integrales Fibra Inn (Payroll) Impulsora Fibra Inn (Payroll outsourcing) VALUES Service Attitude Reliability Integrity Respect Teamwork BUSINESS MODEL Specialization in Business Hotels 4 Operates with leading Global Brands 5 Preference for Acquisitions over Developments Intelligent Portfolio Growth Hampton Inn by Hilton Monterrey Galerias Obispado

5 Wyndham Garden León Centro Max OUR LEADERSHIP We are hotel people In the hotel business We Seek to Deliver Outstanding Performance: Creating a memorable experience for our guests. With motivated employees throughout our organization. Which will be reflected in higher investor returns. We have a highly specialized Management Team, with vast hotel industry experience that is highly specialized. We utilize a Technology Platform provided by the international hotel chains in order to maximize revenue generation. We have a Flexible Operations Model to efficiently replicate procedures in the new hotels. We institute the best hotel practices and apply them throughout the organization. We seek to establish internal communications and delegation of decision-making among employees to improve the overall performance of the organization. FIBRA INN SPECIALIZATION IN THE HOTEL BUSINESS Our hotels are in the best locations. Our properties have the proper hotel infrastructure. We operate with the top hotel brand names. We optimize the use of technological tools. We strive to offer memorable experiences for our guests. We have well-trained and motivated personnel, who are specialized in the industry. Our management team has vast experience in the hotel industry. 6 7

6 Casa Grande Chihuahua VALUE CREATION FOR INVESTORS IN 2014 DISTRIBUTION SUSTAINED GROWTH Dividend yield Acquisitions and Developments (2) %(1) The acquisition of 13 hotels, representing 1,733 rooms. hotels acquired The highest in the publicly The expansion of 4 hotels, representing 304 held hotel industry additional rooms. Distribution Ps. 237 million 29.8% vs The development of 3 properties, representing 645 rooms under construction. Acquisition cap rates between 10% and 11.2%. Development cap rates between 11.3% and 12.3%. Organic Growth Increase of Room Revenue, 6.4%. Increase of Average Daily Rate, 7.5%. Increase of RevPAR, 4.6%. 7.5% Average Daily Rate 4.6% RevPAR OPERATIVE INDICATORS IN COMPARABLE PROPERTIES (22 HOTELS) VARIATION Room Revenue $ $ % Occupancy 59.6% 61.3% -1.7 pp Average Daily Rate $ 1,016.5 $ % RevPar $ $ % 8 9 (1) Considers the payment of annualized dividends considering the price of the CBFI at Ps at December 31, (2) On March 26, 2015, Fibra Inn announced the temporary suspension in the construction of the Fairfield Inn & Suites by Marriott in Ciudad del Carmen due to market changes. Therefore, on the date of presentation of this Annual Report, Fibra Inn has 31 hotels and two in development, representing 5,538 rooms and 465 rooms under construction.

7 Holiday Inn Express Guadalajara Autónoma EFFICIENT HOTEL OPERATION 4 Synergies in 8 hotels. Change of operator in 3 hotels. Rebranding in 3 hotels. Addition of 304 rooms. Operation with 12 international brands and two of national prestige. Diversified portfolio located throughout 14 states of the nation. The results reflect the expertise of the Fibra Inn as Hotel Operator: NOI margin, 36.4%, the most attractive of the public hotel industry. Adjusted EBITDA margin, 30.4%. Growth of EBITDA, 37.0% and Adjusted EBITDA, 80.1%. EBITDA per room, Ps.74,191 (1). 36.4% NOI margin 30.4% Adjusted EBITDA margin TAX ADVANTAGES FIBRAS excluded from the 10% income tax on capital gains. FIBRAS are not affected by the additional taxes on paid dividends. FIBRAS do not pay income tax; the taxpayer is the holder (if it is not exempt). DIVIDENDS VARIATION Dividend per CBFI % Dividend Yield 4.9% 4.1% Total Distribution % (1) Calculated based on the number of rooms in operation and considering the Adjusted EBITDA

8 Holiday Inn Express & Suites Toluca Aeropuerto HIGHLIGHTS VARIATION Same Store Operational Performance (1) Room Revenue % Occupancy 59.6% 61.3% -1.7 p.p. Average Daily Rate 1, % Revenue per Available Room % Sales mix Room Revenue 94.1% 4.3% Rental Revenue 5.9% 82.3% Other Revenue 13.4% Financial Indicators (2) NOI % NOI margin 36.4% 86.4% Adjusted EBITDA % Adjusted EBITDA margin 30.4% 73.6% EBITDA per room 75,320 65, % FFO % FFO per CBFI Outstanding CBFIs Number of Hotels and Rooms (3) Number of properties Developments Weighted number of days per acquisition 73% 74% Number of states Number of rooms in operation 4,887 3,036 1,851 Number of rooms under construction Number of rooms in agreement Total number of rooms 5,718 3,340 2, (1) ) Indicators in 22 comparable properties. (2) Figures expressed in millions of pesos, except EBITDA per room and FFO per CBFI, which are expressed in pesos. (3) On March 26 of 2015, Fibra Inn announced the temporary suspension in the construction of the Fairfield Inn & Suites by Marriott in Ciudad del Carmen due to market changes. Therefore, on the date of presentation of this Annual Report, Fibra Inn has 31 hotels and two in development, representing 5,538 rooms and 465 rooms under construction 13

9 REVENUE PER SEGMENT TOTAL REVENUE (Ps. millions) Holiday Inn México Coyoacán 10.4% % CONTRACTING DEBT 52.8% Ps. VAR Limited Service Select Service Full Service QTR QTR QTR QTR ANNUAL Cash 1, Total Assets 7, , ,678.5 Bank Obligations Total Liabilities Total Equity 7, , ,610.9 Figures in million pesos. 14 ADJUSTED EBITDA AND NOI NOI AND ADJUSTED EBITDA MARGINS (Ps. millions) % 5.3% 4.2% 3.7% % 31.3% 32.9% 26.3% 38.7% 33.3% 37.0% 30.3% 36.4% 30.4% QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR QTR 2 QTR 3 QTR 4 QTR ANNUAL 2014 Adjusted EBITDA NOI NOI margin Adjusted EBITDA margin DISTRIBUTION AND DIVIDEND YIELD % 1 QTR 2 QTR 3 QTR 4 QTR ANNUAL Distribution per CBFI Dividend Yield OBJECTIVE OF THE LINE OF CREDIT: FINANCING OUR EXPANSION PLAN Contract signed on September 8, Financial Institutions: Banorte, Actinver, Banamex, BanRegio and Scotiabank. Amount: Ps. 2,3 billion. Guarantees: trust and security agreements on 16 hotels. Amortization: upon expiration of the contract on March 8, Initial disbursement: Ps.100 million (to comply with the terms established in the Credit Contract). Convenants compliance. 1.3% Loan to Value 8% Coverage ratio for Servicing the Debt Ps. 2,3 billion Amount of the credit line TIIE + 2.5% Interest rate 100% Coverage with rates swap 15

10 Casa Grande Delicias CAPITAL INCREASE CBFI ISSUANCE EXCLUSIVELY FOR HOLDERS The objective of the subscription was to increase equity in order to finance the expansion plan of 15 hotels per year in 2015 and The capital increase was carried out by means of a subscription of CBFIs exclusively for holders, with an ex-rights date of November 4, Amount of CBFIs offered in two rounds, for subscription: Up to 100% of the CBFIs outstanding. The unsubscribed CBFIs were canceled. The number of outstanding CBFIs is currently at 437,019,542. Ps. 2,832 million Proceeds obtained from the subscription of CBFIs Ps Price per CBFI 9.38% Discount Rate 69.2% Total subscribed 16.7% Current share held by the Controlling Trust 83.3% Float STRUCTURE OF FIBRA INN FEES MODIFICATION OF THE FEES PAID BY FIBRA INN: Elimination of the 3.0% fee for the acquisition of properties. Modification of the Advisory Fee of 0.5% to 0.75% of the gross real estate asset value, adjusted to inflation. 16 This resolution was approved at the General Ordinary Holders Meeting held on October 17,

11 MESSAGE TO INVESTORS 18 Two years have passed since the creation of Fibra Inn took place. We sought to become a publicly-held company, and we felt that in order to reach the growth we anticipated in the hotel sector we had to resort to the most efficient financing source: the capital markets. Today, we can be certain that we were not wrong and that we chose the correct path. Fibra Inn became committed to the financial markets in order to reach objectives in the face of a challenging scenario. Today we can assure our holders that we have accomplished each of those. The most important accomplishments were: 1. Growth of the portfolio to 30 hotels at the end of Today we have 34 properties: 31 hotels in operation, 2 in development and one lot. 2. Payment of attractive dividends to our investors. Out of the public hotel companies, Fibra Inn has paid the highest interest rate in distributed dividends to the market. 3. Change in fee structure. The market spoke and we listened, eliminating the 3% acquisition fee and making the required adjustments. 4. The operation of hotels with a greater number of global brand names. We went from two to 12 internationally recognized brand names. 5. Geographic Diversification. We went from operating hotels in 6 states, mainly in the northern region of Mexico, to a total of 14 states. Today, we are present mostly in the central part of Mexico, where the greatest economic activity is located. 6. Continuous improvement in operational efficiency. Today, Fibra Inn is the publicly-held hotel FIBRA with the best efficiency and profitability indicators. But that is all history now... Looking towards the period, the challenges are not fewer. Therefore, in order to double the portfolio, we have defined a strategy that will place us on the correct path to achieving our objectives. For this, we are making decisions at the top level, that we are confident will help us reach our established goals. Fibra Inn's Technical Committee Chairman shall adopt the following measures in order to ensure that we reach our long-term goals in the most efficient manner. 1. Ensure that our Portfolio Expansion is carried out in accordance with the quality and profitability criteria we have followed until now. That is, we will ensure that these investments adhere to prudent hotel business criteria and are consistent with Fibra Inn's strategy of serving the business traveler in the regions we have defined as strategic throughout Mexico. 2. Improve Fibra Inn's Corporate Governance standards by carrying out changes in our organization, which will ensure the implementation of the best industry practices. As an example, we recently made the decision to separate the duties of the Chairman of the Technical Committee and those of the Chief Executive Officer. We have also strengthened our organizational structure with an experienced and seasoned team of executives. 3. Finally, we will work towards fortifying Fibra Inn's Strategic Control Group, in order to obtain strategic alliances that will continue to drive growth and generate investor value. I wish to thank our investors for the confidence they have placed in Fibra Inn by participating in the subscription of capital last November. As a result of this transaction, today Fibra Inn is in a position to meet its growth objectives of reaching 60 hotels by the end of 2016, thereby substantially increasing Fibra Inn's size. As of this date, our market capitalization amount has reached nearly US$486 million, compared with nearly US$385 million on the date of our Initial Public Offering. Fibra Inn's liquidity is extremely important to the capital markets, thus we are focused on doing everything possible to increase the liquidity of the CBFIs. For this reason, we will continue to promote a virtuous circle that will generate liquidity with a greater and diversified investor base. Our ultimate objective continues to be to maximize visibility, interest in and, as a result, the long-term liquidity of the company. Finally, I wish to express my appreciation to all of you our partners, colleagues, investors and employees who form a part of the Fibra Inn group for your interest in our company. Sincerely, Victor Zorrilla Vargas Chairman of the Technical Committee 19

12 PORTFOLIO BRANDS KEY INDICATORS 34 Properties 5,718 Rooms Holiday Inn Puebla La Noria Wyndham Garden León Centro Max PRESENCE 3 Segments PROPERTIES ROOMS PROPERTIES ROOMS Hotels 31 5, ,036 Developments (1) Total 34 5, , States 20 PROPERTIES ROOMS Limited Service (2) 11 1,530 27% Select Service 13 2,457 43% Full Service 10 1,731 30% Total 34 5, % (1) On March 26, 2015, the temporary suspension in the construction of the Fairfield Inn & Suites by Marriott in Ciudad del Carmen was announced, due to market changes. Therefore, on the date of presentation of this Annual Report, Fibra Inn has 31 hotels and two in development, representing 5,538 rooms and 465 rooms under construction. (2) For the reason previously mentioned, Fibra Inn has 10 hotels with limited service, representing 1,350 rooms. Intercontinental Hotels Group (IHG) Wyndham Hotel Group International Hilton Worldwide Marriott International W International, Inc. (Starwood ) Camino Real Casa Grande 14 Brands Ps. 1,807 million invested in hotels in

13 INTERCONTINENTAL HOTELS GROUP (IHG) Holiday Inn Express & Suites Toluca Aeropuerto Crowne Plaza Monterrey Aeropuerto 13 Hotels 58.5% Occupancy Ps. 1,014.2 ADR RevPAR ACQUISITION HOTEL SEGMENT INVESTMENT ROOMS HOTEL SEGMENT (millions of pesos) ACQUISITION INVESTMENT (millions of pesos) ROOMS 22 Mar 13 Holiday Inn Express Saltillo Aeropuerto Select Service Mar 13 Holiday Inn Express & Suites Ciudad Juárez Select Service Mar 13 Holiday Inn Express & Suites Toluca Aeropuerto Select Service Mar 13 Holiday Inn Express & Suites Monterrey Aeropuerto Select Service May 13 Holiday Inn Express Guadalajara Autónoma Select Service May 13 Holiday Inn Express Playa del Carmen Select Service May 13 Holiday Inn Express Toluca Select Service *Figures expressed in millions of pesos; and excludes acquisition expenses. May 13 Holiday Inn Hotel & Suites Guadalajara Centro Histórico Full Service May 13 Holiday Inn Monterrey Valle Full Service Oct 13 Holiday Inn Puebla La Noria Full Service Dec 13 Holiday Inn México Coyoacán Full Service May 14 Holiday Inn Tampico Altamira Full Service Dec 14 Crowne Plaza Monterrey Aeropuerto Full Service *Figures expressed in millions of pesos; and excludes acquisition expenses. 23

14 WYNDHAM HOTEL GROUP INTERNATIONAL Wyndham Garden León Centro Max Microtel Inn & Suites by Windham Ciudad Juárez RevPAR 9 Hotels 56.4% Occupancy Ps ADR ACQUISITION HOTEL SEGMENT INVESTMENT (millions of pesos) ROOMS ACQUISITION HOTEL SEGMENT INVESTMENT (millions of pesos) ROOMS 24 Jul 13 Wyndham Garden Irapuato Limited Service Jan 14 Wyndham Garden León Centro Max Limited Service Apr 14 Wyndham Garden Celaya Limited Service Apr 14 Wyndham Garden Silao Bajío Aeropuerto Limited Service Dec 14 México Plaza (1) Guadalajara Andares Limited Service (1) To be converted to Wyndham Garden. *Figures expressed in millions of pesos; and excludes acquisition expenses. Nov 14 Microtel Inn & Suites by Windham Culiacán Limited Service Nov 14 Microtel Inn & Suites by Windham Ciudad Juaréz Limited Service Dec 14 Microtel Inn & Suites by Windham Chihuahua Limited Service Dec 14 Microtel Inn & Suites by Windham Toluca Limited Service *Figures expressed in millions of pesos; and excludes acquisition expenses. 25

15 HILTON WORLDWIDE MARRIOTT INTERNATIONAL Hampton Inn by Hilton Saltillo Aeropuerto Marriott Puebla 1 Hotel 66.4% Occupancy Ps. 1,267.2 ADR RevPAR 4 Hotels 62.3% Occupancy Ps. 1,016.3 ADR RevPAR 26 DATE HOTEL SEGMENT Mar 13 Hampton Inn by Hilton Monterrey Select Service Mar 13 Hampton Inn by Hilton Saltillo Aeropuerto Select Service Mar 13 Hampton Inn by Hilton Reynosa Zona Industrial Select Service Mar 13 Hampton Inn by Hilton Querétaro Tecnológico Select Service *Figures expressed in millions of pesos; and excludes acquisition expenses. INVESTMENT (millions of pesos) ROOMS DATE HOTEL SEGMENT INVESTMENT (millions of pesos) Oct 13 Marriott Puebla Full Service *Figures expressed in millions of pesos; and excludes acquisition expenses. ROOMS 27

16 W INTERNATIONAL, INC. (STARWOOD) CAMINO REAL Aloft Guadalajara Camino Real Guanajuato 1 Hotel 56.2% Occupancy Ps. 1,352.1 ADR RevPAR 1 Hotel 42.6% Occupancy Ps. 1,133.8 ADR RevPAR 28 DATE HOTEL SEGMENT INVESTMENT (millions of pesos) ROOMS DATE HOTEL SEGMENT Apr 14 Aloft Guadalajara Select Service Aug 13 Camino Real Guanajuato Full Service *Figures expressed in millions of pesos; and excludes acquisition expenses. *Figures expressed in millions of pesos; and excludes acquisition expenses. INVESTMENT (millions of pesos) ROOMS 29

17 CASA GRANDE Casa Grande Chihuahua Crowne Plaza Monterrey Aeropuerto 2 Hotels 40.7% Occupancy Ps ADR RevPAR 30 DATE HOTEL SEGMENT INVESTMENT (millions of pesos) ROOMS 31 Dec 14 Casa Grande (1) Chihuahua Full Service Dec 14 Casa Grande Delicias Full Service (1) This property will be rebranded to Wyndham Garden in *Figures expressed in millions of pesos; and excludes acquisition expenses.

18 DEVELOPMENTS SALTILLO COATZACOALCOS CD. DEL CARMEN SEGMENT SELECT SEGMENT LIMITED SEGMENT LIMITED INVESTMENT (Ps. MILLION) 163 INVESTMENT (Ps. MILLION) 21 INVESTMENT (Ps. MILLION) 180 ROOMS 180 ROOMS On March 26, 2015, the temporary suspension in the construction of the Fairfield Inn & Suites by Marriott in Ciudad del Carmen was announced, due to market changes. Therefore, as of the date of presentation of this Annual Report (April 24, 2015), Fibra Inn has 31 hotels and two more under development; out of a total of 5,538 rooms, 465 are under construction

19 CORPORATE GOVERNANCE Holiday Inn Express & Suites Toluca Aeropuerto TECHNICAL COMMITTEE Victor Zorrilla Vargas President DIRECTORS Oscar Eduardo Calvillo Amaya Chief Executive Officer Joel Zorrilla Vargas Oscar Eduardo Calvillo Amaya José Gerardo Clariond Reyes-Retana Robert Jaime Dotson Castrejón Joel Zorrilla Vargas Vice-president of Corporate Strategy Rafael de la Mora Ceja Chief of Hotel Operations Officer Juan Carlos Hernaiz Vigil Adrián Jasso José Antonio Gómez Aguado de Alba Fernando Rocha Huerta Chief of Acquisitions and Development Officer Miguel Aliaga Gargollo Chief Financial Officer Lizette Chang y García Investor Relations Officer Everardo Elizondo Almaguer* Adrián Garza de la Garza* Alberto Rafael Gómez Eng* Laura Nelly Lozano Romero Legal Director Héctor Medina Aguiar* Marcelo Zambrano Lozano* *Independent members.

20 Holiday Inn México Coyoacán ANNUAL REPORT ON ACTIVITIES TRUST F/1616 TECHNICAL COMMITTEE The undersigned, Mr. Victor Zorrilla Vargas, Chairman of the Technical Committee of the Irrevocable Trust identified under the number F/1616 (the Trust ), hereby reports to the Shareholders Meeting on the completion of the following activities during the fiscal year 2014: Six meetings were held, during the months of April, July, August, October and November 2014 as well as in February The Consolidated Financial Statements were approved for March, June, September and December 2014, upon recommendation from the Audit Committee. The March, June, September and December 2014 Holder distributions were approved for a total of Ps million upon recommendation from the Audit Committee. The 2014 budget for the Trust and its Subsidiary was approved. The contract terms of KPMG as the External Auditor of the Trust for the year 2014 were approved, upon the recommendations by the Audit Committee. Wyndham Toluca, and Crowne Plaza Monterrey Airport. Approval was given, following the opinion of the Practices and Investments Committee, for the annual and semi-annual review of the rental for the spaces utilized by Operadora Mexico a Related Party in the hotels where it was determined that an updating was required. Approval was given for the substitution of Starwood by Gestor de Activos Prisma a Related Party in the operation of the Hotel Aloft Guadalajara. A proposal to the holders relative to the modification of the Structure of the Trust s fees was authorized, after hearing the opinion of the Practices and Investments Committee. The designation of an Evaluation Committee was approved, which analyzed and authorized the contracting of Santander as a market maker. The integration of the Credit Oversight Committee was approved, in compliance with the regulation established by the CNBV in the Circular Única de Emisoras of June The Audited Financial Statements for the year 2013 with the corresponding Opinion Report whithout exception by the External Auditor were approved, after hearing the opinion of the Auditing Committee. San Pedro Garza García, April 24, 2015 The acquisition of the Crowne Plaza Hotel Monterrey Airport was approved, with a total investment value of Ps million, after hearing the opinion of the Practices and Investments Committee. 36 Approval was given after hearing the opinion of the Practices and Investments Committee to the contracting terms with Operadora México a Related Party of the hotels México Plaza Silao, México Plaza Guadalajara Andares, Casa Grande Chihuahua, Casa Grande Delicias, Microtel Inn & Suites by Wyndham Chihuahua, Microtel Inn & Suites by Wyndham Culiacán, Microtel Inn & Suites by Wyndham Ciudad Juárez, Microtel Inn & Suites by Mr. Victor Zorrilla Vargas Chairman of the Technical Committee Trust F/

21 Holiday Inn Express Guadalajara Autónoma ANNUAL REPORT ON THE ACTIVITIES TRUST F/1616 AUDIT COMMITTEE The undersigned, Mr. Rafael Gomez Eng, Chairman of the Audit Committee of the Irrevocable Trust identified under the number F/1616 (the Trust ), hereby reports to the Shareholders Meeting that during fiscal year 2014 the following activities were completed carried. Four meetings were held, taking place in the months of April, July, and October, as well as in February of The Consolidated Financial Statements corresponding to March, June, September and December of 2014 were analyzed and recommended to the Technical Committee. The March, June, September and December, 2014 Holder Distribution were evaluated and recommended to the Technical Committee for a total of Ps million. Various Accounting Policies were established, relative to the booking of the expenses related to the acquisition of hotels, the expenses involved in the issuing of debt and the booking of derivative instruments. The contract terms of KPMG as the External Auditor of the Trust for the year 2014 were defined and were recommended to the Technical Committee. The work carried out by the Auditing firm was duly supervised. The Certified Financial Statements for the year 2013, with the corresponding Opinion Report were analyzed and recommended to the Technical Committee, with no exception from the External Auditor. San Pedro Garza García, April 24, 2015 Mr. Rafael Gómez Eng Chairman of the Audit Committee Trust F/

22 Camino Real Guanajuato ANNUAL REPORT ON ACTIVITIES TRUST F/1616 PRACTICE AND INVESTMENT COMMITTEE The undersigned, Mr. Adrián Garza de la Garza, Chairman of the Practices and Investments Committee of the Irrevocable Trust identified under the number F/1616 (the Trust ), hereby reports to the Shareholders Meeting at the completion of the fiscal year 2014: Three meetings were held during the months of April, July and August of The acquisition of the Hotel Crowne Plaza Monterrey Airport, with a total investment of Ps million was evaluated and recommended to the Technical Committee. The contracting terms with Operadora México a Related Party were recommended to the Technical Committee in regard to the hotels México Plaza Silao, México Plaza Guadalajara Andares, Casa Grande Chihuahua, Casa Grande Delicias, Microtel Inn & Suites by Wyndham Chihuahua, Microtel Inn & Suites by Wyndham Culiacán, Microtel Inn & Suites by Wyndham Ciudad Juárez, Microtel Inn & Suites by Wyndham Toluca, and Crowne Plaza Monterrey. It was confirmed that the Eligibility Criteria were met to invest in the following hotels: México Plaza Guadalajara Andares, Casa Grande Chihuahua, Casa Grande Delicias, Microtel Inn & Suites by Wyndham Chihuahua, Microtel Inn & Suites by Wyndham Toluca, Microtel Inn & Suites by Wyndham Ciudad Juárez, with a total investment of Ps million. The annual and semi-annual review of the rental for the spaces utilized by Operadora Mexico a Related Party in the hotels where it was determined that an updating was required, was analyzed and recommended to the Technical Committee. The substitution of Starwood by Gestor de Activos Prisma a Related Party in the operation of the Hotel Aloft Guadalajara, was evaluated and recommended to the Technical Committee. A proposal to the Shareholders meeting relative to the modification of the fee structure of the Trust s commissions was studied and recommended to the Technical Committee. San Pedro Garza García, April 24, Mr. Adrián Garza de la Garza Chairman of the Practices and Investments Committee Trust F/

23 Wyndham Garden Irapuato ANNUAL REPORT ON ACTIVITIES TRUST F/1616 NOMINATIONS COMMITTEE The undersigned, Mr. Marcelo Zambrano Lozano, Chairman of the Nominations Committee of the Irrevocable Trust identified under the number F/1616 (the Trust ), reports to the Shareholders Meeting that during the fiscal year 2014 no meetings were held, since there were no changes in the independent members of the Technical Committee after the Holders Meeting that was held in April, San Pedro Garza García, April 24, 2015 Mr. Marcelo Zambano Lozano Chairman of the Nominations Committee Trust F/

24 Wyndham Garden Silao Bajío Aeropuerto ANNUAL REPORT ON ACTIVITIES TRUST F/1616 CREDIT SURVEILLANCE COMMITTEE The undersigned, Mr. Rafael Gomez Eng, Chairman of the Credit Surveillance Committee of the Irrevocable Trust identified under the number F/1616 (the Trust ), reports to the Shareholders Meeting that the following activities were carried out during the fiscal year 2014: Two Meetings were held in the month of October 2014 as well as in February Compliance with the terms approved by the Shareholders Meeting provided in the Bank Loans contracted in September 2014 was supervised. In the second, third and fourth quarters of 2014, compliance with the Financial Indicators established by the CNBV in the Circular Única de Emisoras in June 2014 was reviewed. In the fourth quarter of 2014, compliance with the Financial Covenants required in the Credit Contract subscribed with the Banks in September of that same year was verified. San Pedro Garza García, April 24, 2015 Mr. Rafael Gómez Eng Chairman of the Credit Surveillance Committee Trust F/

25 Holiday Inn Express & Suites Ciudad Juárez ANNUAL REPORT FROM THE ADMINISTRATOR OF THE IRREVOCABLE TRUST IDENTIFIED UNDER THE NUMBER F/1616 (THE TRUST ), SUBSCRIBED BY ASESOR DE ACTIVOS PRISMA, S.A.P.I. DE C.V., AS THE TRUSTOR; AND DEUTSCHE BANK MÉXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, FIDUCIARY DIVISION AS THE FIDUCIARY, AND CI BANCO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, AS THE AGENT ON THE COMPLIANCE WITH FISCAL OBLIGATIONS, IN TERMS OF ARTICLE 76 SECTION XIX, OF THE INCOME. San Pedro Garza García, Nuevo León, April 10, Pursuant to the provisions established in Article 76, Section XIX, of the Income Tax Law, Administradora de Activos Fibra Inn, S.C., in its capacity as Administrator of the Trust, hereby presents the report that reflects the compliance with the fiscal obligations of the Trust for the period encompassed between January 1 and December 31, 2014 (the Period of Review ), so that in due course the said report can be submitted to the consideration of the Annual General Shareholders Meeting of the of Real Estate Trust Certificates with the ticker symbol FINN13 ( CBFIs ), which will be held on April 24 of It is hereby represented that the fiscal status of the Fiduciary of the Trust was examined for the Period Review that covers the certified financial statements, and, regarding meeting its fiscal obligations as a direct tax payer, withholder and/or collector, whereby it is represented that none of the fiscal obligations of the Trust is outstanding or in default. It is hereby reported that the calculations were verified and found that the federal taxes accrued during the Period Reviewed as reported show that there are no rulings on outstanding balances or any payment that has been omitted. Regarding the amount and payment of the Employee Profit Sharing, it is hereby reported that the Trust has no employees, and therefore, it was not subject to any labor related obligations during the Period Reviewed. This report is issued solely and exclusively for the information of the CBFI Holders of the trust, and to be subjected for approval before the Annual General Shareholders meeting of the Trust, pursuant to the provisions established by applicable laws, and shall not be used for any other purpose. Sincerely, Administradora de Activos Fibra Inn, S.C., in its capacity as Administrator of the Trust through its legal representative Mr. Óscar Eduardo Calvillo Amaya 46 47

26 2014 MANAGEMENT DISCUSSION AND ANALYSIS The financial information presented in this section derived from the Consolidated Audited Financial Statements and accompanying notes, included in this Annual Report, was audited by KPMG Cárdenas Dosal, S.C., Independent Auditor. Following, we present the Management Discussion and Analysis of the results of the operation. For the analysis of these financial statements it should be taken into account that, due to the change in the revenue structure that was carried out in December 2013, 2014 results are not comparable compared to the results reported for REVENUE The sales mix at the end of 2014 is comprised of 31 hotels under operation: 9 Limited Service hotels, 12 Select Service hotels and 10 Full Service hotels. OPERATING EXPENSES Operating expenses totaled Ps million, or 63.6% of the total revenue, compared to the amounts up to December 31, This variation in the operating expenses was mainly due to the greater number of hotels in the portfolio during The variation of Ps million was the net effect of greater operating expenses due to an increase in the number of hotels acquired; that is: An increase of Ps million, or 22.4 percentage points corresponding to lodging expenses. An increase of Ps million, or 10.0 percentage points corresponding to administrative expenses. An increase of Ps.59.2 million, or 6.4 percentage points corresponding to a greater energy expenses. An increase of Ps.56.0 million, or 6.2 percentage points corresponding to a greater royalty expenses. An increase of Ps.40.7 million, or 4.5 percentage points corresponding to greater advertising and marketing. On December 31, 2014, Fibra Inn s revenue reached Ps million, which represented an increase of 335.8% compared with the figure reported in the previous year. Fibra Inn s revenue per hotel segment is as follows: Ps million, or 36.8%, corresponds to Full Service hotels; Ps million, or 52.8%, corresponds to Select Service hotels and Ps.92.0 million, or 10.4%, corresponds to Limited Service hotels. NET OPERATING INCOME (NOI) The NOI reached Ps million in 2014, representing an annual increase of 83.4%, compared to Ps million in NOI margin for 2014 was 36.4%. The margin reflected greater revenues from the hotels acquired, based on operating efficiency. INDIRECT EXPENSES REVENUES PER SERVICE SEGMENT Ps. (millions) % Ps. (millions) % Limited Service % % Select Service % % Full Service % % Total Revenues % % During 2014, expenses incurred for the acquisition of hotels during 2014 reached at total of Ps.64.3 million, which represented 7.3% of total revenue. This expense reflected the accounting treatment in accordance with the application of IFRS 3 Combination of Businesses accounting rule beginning in the fourth quarter of In reference to the IFRS 3 Combination of Businesses standard, the acquisition of hotels qualifies as the acquisition of a business, since an operation is purchased. Therefore, costs related to the transaction are acknowledged in the Income Statement as they are incurred, these include: costs for notaries, legal and appraisals, among others. This applies to the acquisition of hotels realized in Total 2014 Fibra revenue was Ps million, of which: Ps million, or 94.1%, was room revenue, which is derived from the 31 properties in the portfolio at the end of 2014, and which reflected the change in the revenue structure. Ps million, or 5.9% was the lease of services other than lodging, such as the rent of meeting rooms, coffee breaks, conference rooms and restaurants, as well as the rental of some commercial retail spaces. The revenue variations from room revenue and revenue from the lease of other services reflected the change in the revenue structure that took place in December 2013; when previously was registered as rental income and with the change of structure room revenue is coming from the rental of rooms and the rental revenue corresponds to the leasing of public areas. Excluding the expenses from the acquisition of the hotels incorporated during 2014, the administrative expenses totaled Ps.52.7 million and represented 6.0% of total revenue. This represented a decline of indirect expenses as a percentage of the revenue for 6.8 percentage points compared to Total expenses related to Fibra Inn s administrative expenses were Ps million for 2014 and represented 13.2% of total revenue, which increased by 40 basis points compared to Ps.26.1 million in 2013, which represented 12.8%. This variation was mainly due to: A decrease of 2.7 percentage points corresponding to the advisory fees A decrease of 4.8 percentage points in corporate & administrative expenses 49

27 An increase of 7.3 percentage points in acquisition expenses An increase of 0.7 percentage points in other expenses EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) As a consequence of the increase in the operating expenses mentioned above, EBITDA was Ps million in 2014, which equals a margin of 23.1% on Fibra Inn s revenue. ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (ADJUSTED EBITDA) Excluding the expenses related to the acquisition of hotels in 2014, Adjusted EBITDA was Ps million, equivalent to a growth of 80.1%, compared to the Adjusted EBITDA for The adjusted EBITDA margin was 30.4%. OTHER NON-CASH ITEMS Executive compensation based on equity instruments was Ps.18.5 million in This amount corresponded to the portion earned from the value of the 3 million CBFIs that was delivered to the former Chief Financial Officer after the Initial Public Offering was carried out, at the end of a 3-year period, as has been discussed previously. This is a non-cash item, whose monetary effect will be a dilution of 0.7% beginning March During 2014, an accounting depreciation of Ps million was registered, derived from the change in the revenue structure. At the beginning of the fourth quarter of 2013, the calculated depreciation of the fixed assets properties, furnishings and equipment was incorporated into the results, based on the residual value of the estimated useful life of the net assets, beginning from the time the asset is available to be utilized. In the present analysis, the depreciation corresponding to 2013, which was Ps.50.6 million, is incorporated for comparison purposes. OPERATING INCOME (EBIT) NET INCOME As a result, the Net Profit for 2014 was Ps.66.7 million. If the expenses from the acquisition of 11 hotels acquired during 2014 were excluded, net income would have been Ps million, or 14.8% of the total revenue. CASH FLOW FROM OPERATIONS (FFO) Cash flow from operations ( FFO ) was Ps million in 2014, which represented 29.1% of the total revenue, an increase of 24.2% compared to 2013, in which Ps million was recorded. DISTRIBUTION With regards to distributions, Fibra Inn declared dividends in the amount of Ps million, corresponding to the distributions for the first through fourth quarter of 2014, which represented an increase of 29.8% compared to the Ps million declared in During 2014, expenditures for reimbursements and distributions to the holders of certificates reached Ps million. This included the payment of distributions for the fourth quarter of 2013 and for the first through third quarters of This represented Ps cents per CBFI in 2014, which is equivalent to a 13.1% increase compared to the Ps cents per CBFI in The calculation of the distribution per CBFI in the first through third quarter of 2014 was based on 258,334,218 outstanding CBFIs. Please note that at the end of 2014, the distribution was based on over 437,019,542 CBFIs after the subscription for the equity increase, and that this was the amount utilized for the calculation of the fourth quarter 2014 distribution. Finally, the annual dividend yield for 2014 was 4.9%, based on a closing price of Ps per CBFI, which compares favorably to the dividend yield rate of 4.1% for the previous year. 50 Therefore, Operating Income decreased by 7.2% at December 31, 2014, with the recording of Ps.77.8 million, or 8.8%, as a percentage of the total revenue, compared to Ps.83.9 million for FINANCIAL INCOME Net interest expense in the amount of Ps.10.8 million was recorded, mainly derived from temporary credits with Actinver and Banorte, as well as a negative foreign exchange rate fluctuation of Ps.0.7 million. The net financial result represented an expense of Ps.11.4 million in 2014, compared to the net financial income of Ps.58.1 million in 2013, which was derived from the cash position from the Initial Public Offering in 2013 and the absence of financial liabilities in

28 FINANCIAL SITUATION, LIQUIDITY AND CAPITAL RESOURCES REVIEW OF CNBV STATUS INDICES AS OF DECEMBER 31, 2014 On December 31, 2014, Fibra Inn had Ps.1,106.7 million in cash position. On this date, the total of its bank obligations was Ps.66.0 million, at a TIIE interest rate plus 2.5%. The initial disbursement of Ps million was made on December 17, 2014, to comply with the terms of the contract established with the banks. On December 26, 100% of the credit amount was covered by contracting an interest rate swap with the banks participating in the credit, both with expiration dates in March Level of Indebtedness Financing Debt Securities Total Assets 7,560.5 Debt Index 1.3% With regards to the bank credit, the Trust Guarantee was signed on October 1, 2014, whereby the initial down payment of 16 hotels, with an appraised value of Ps.3,216.7 million, was made with a fiduciary and collateral (but not mortgage) guarantee. On October 3, 2014, the Pledge Contract was signed, in which the accounts of the 16 hotels that were pledged as a guarantee were incorporated. The financial covenants agreed with the financial institutions with whom the bank credit was contracted, and which are being fully complied with, are shown below: Debt Servicing Coverage Index Liquid Assets 1,106.7 Recoverable Value Added Tax Operating Income Lines of Credit 2,300.0 Sub-Total Numerator 4, FINANCIAL LIMITATIONS AS OF DECEMBER 31, 2014 Credit / Value 1 Equal to or Less than 50% 3.1% Debt Service 2 Equal to or Greater than NOI / Debt 3 Equal to or Greater than 13% 243.6% Minimum Coverage 4 Equal to or Greater than Net Tangible Value 5 Greater than 60% 98.7% Total Value of Assets Leverage 6 Less than or Equal to 55% 1.3% 1) Outstanding Balance of the Credit in the total value of the hotels pledged in guarantee. 2) NOI of the hotels pledged in guarantee in the Servicing of the Debt, including the simulation of increased amortization for 15 years. 3) NOI of the hotels pledged in Guarantee in the Outstanding Balance of the Credit. 4) NOI of the hotels pledged in Guarantee of the debt plus Obligatory Distributions (Fiscal Results) 5) Total Value of the Assets minus the Outstanding Balance of the Credit in the value of the Assets. 6) Outstanding Balance of the Credit in the Total Value of the Assets. Fibra Inn had a loan-to-value ratio of 1.3% as of December 31, 2014, which will increase until it reaches a level of 33% once the total amount of the bank credit is contracted and made available. This level of indebtedness fully meets the recent provisions of the CNBV (Mexico s Securities and Exchange Commission), to regulate the maximum limit of indebtedness of REITs by up to 50%. The coverage index for servicing the debt on December 31, 2014 was 20.7 times. The leverage indices established by the CNBV and the itemization of the components that were utilized for the calculation of these financial considerations are shown below: OPERATING RESULTS Amortization of Interest 11.8 Amortization of Principal Capital Expenditures 40.7 Development Expenses Sub-Total Denominator Debt Servicing Coverage Index 8.0 The same-store sales parameters include the following: It includes hotels owned by the F/1616 Trust and its operations, excluding hotels that are in negotiation by a binding agreement in a phase prior to acquisition, and which will not be included until the time their operation is initiated. Therefore, the same-store sales indicator for 2014 comprises 22 hotels in the present portfolio as if they had been in Fibra Inn's portfolio for the complete periods during of both years. The hotels that have been in the Fibra Inn portfolio for less than 45 days are excluded. These are: México Plaza Guadalajara Andares, Crowne Plaza Monterrey Aeropuerto, Casa Grande Chihuahua and Delicias, the four Microtel Inn & Suites by Wyndham in Chihuahua, Culiacan, Toluca and Ciudad Juarez. Also excluded is the Aloft Guadalajara, which is a recently-built hotel and therefore has no operating history. 53

29 Our most significant operating indicators in terms of comparable properties are the following: The revenue from lodging in terms of 22 comparable properties was Ps million. This represents a 6.4% increase compared to Ps million in the prior year. This significant increase in revenue from lodging is a result of the following: The hotels acquired operated with greater efficiency under Fibra Inn than they did when they were operated by their previous owners; and, A better performance from the implementation of a strategy aimed at maximizing revenue beginning during the second half of the year. This has been the result of rate increases. The revenue per available room (RevPar) in terms of the 22 comparable properties rose 4.6%, reaching Ps in This was the result of a decrease of 1.7 percentage point in the occupancy rate, which reached 59.6%, offset by an increase in the average daily rate of 7.5%, or about Ps.1,016.5 in The increase in the revenue per available room (RevPar) of 4.6% was explained as follows: A lower occupancy, which shows: ANNUAL SAME STORE (22 HOTELS) VARIATION Revenue from lodging % Occupancy 59.6% 61.3% -1.7 p.p Average Daily Rate 1, % RevPar % A 4.2% increase in the number of available rooms in 2014, due to the rooms that were added from the following hotels: Holiday Inn Express of Guadalajara, Holiday Inn Express in Playa del Carmen, Camino Real Guanajuato and Marriott Puebla. Excluding the addition of rooms, the occupancy rate remained practically the same, with a slight variation of 10 basis points. The increase of 7.5% in the average rate compared to 2013 is owed to: The benefit from the brand name reconversion of the Mexico Plaza hotels, which operated under the Wyndham Garden brand in the Irapuato, Celaya, León and Silao hotels. Additionally, the rebranding of the Holiday Inn Monterrey Valle, which previously operated under the name of Wyndham Casa Grande. A better management in the administration of rates of all our hotels during the year, mainly in the Holiday Inn Monterrey Aeropuerto, Hampton Inn by Hilton in Reynosa, Marriott Puebla, and Camino Real Guanajuato. As a result, the revenue per available room (RevPAR) reached Ps.605.9, which means a growth of 4.6%, compared to If the addition of rooms during 2014 were excluded, the RevPar would have been Ps.619.7, equivalent to a growth of 6.9%. REVENUES PER REGION As for the revenues per region: Ps.48.6 million, or 5%, was revenue from the hotels located in the northern region of Mexico; Ps million, or 35% is revenue from the northeast region, Ps million, or 51%, corresponds to the properties in the central and southern regions of the country and Ps.80.0 million, or 9%, corresponds to the western region of Mexico. REVENUES PER REGION Ps. million % Ps. million % North % % Northeast % % Central and Southern % % Western % % Total Revenues % % Northern Zone.- Chihuahua and Sinaloa Northeast Zone.- Nuevo León, Coahuila and Tamaulipas Central-Southern Zone.- Querétaro, State of Mexico, Puebla, Guanajuato, Quintana Roo, Federal District, Veracruz and Campeche Western Zone.- Jalisco 54 55

30 Holiday Inn Monterrey Valle CONSOLIDATED FINANCIAL STATEMENTS Fideicomiso Irrevocable No. F/1616 (Deutsche Bank Mexico, S.A. Multiple Banking Institution, Trust Division) and Subsidiary As of December 31, 2014 and 2013 (Independent auditors report) 58 Independent Auditors Report 60 Consolidated Statements of Financial Position 61 Consolidated Income Statements 62 Consolidated Statements of Comprehensive Income 63 Consolidated Statements of Changes in Trustors Equity 64 Consolidated Statements of Cash Flows 65 Notes to the Consolidated Financial Statements 56

31 INDEPENDENT AUDITORS REPORT Translation from Spanish language original To Technical Committee: Fideicomiso Irrevocable No. F/1616 (Deutsche Bank México, S.A., Multiple Banking Institution, Trust Division): We have audited the accompanying consolidated financial statements of Fideicomiso Irrevocable No. F/1616 (Deutsche Bank México, S.A., Multiple Banking Institution, Trust Division) and subsidiary ( the Trust) which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, the consolidated income statements, comprehensive income, changes in trustors equity and cash flows for the year ended as of December 31, 2014 and the period from March 12, 2013 to December 31, 2013, and notes comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Consolidated Financial Statements Emphasis of Matter Without qualifying our opinion, we draw attention to: As described in the note 1 to the consolidated financial statements, as a result of legislative changes approved to be in force on January 1, 2014, beginning on December 26, 2013, the Technical Committee of the Trust decided to change the Trust s activity from provide hospitality leasing property to provide hotel hosting services. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. KPMG CARDENAS DOSAL, S. C. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. C.P.C. Leandro Castillo Parada Monterrey, Nuevo León, México March 31, 2015 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 58 In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Fideicomiso Irrevocable No. F/1616 (Deutsche Bank México, S.A., Multiple Banking Institution, Trust Division) and subsidiary, as at December 31, 2014 and 2013, and its consolidated financial performance and its consolidated cash flows for the year ended as of December 31, 2014 and the period from March 12, 2013 to December 31, 2013 in accordance with International Financial Reporting Standards. 59

32 FIDEICOMISO IRREVOCABLE NO. F/1616 (DEUTSCHE BANK MEXICO, S. A. MULTIPLE BANKING INSTITUTION, TRUST DIVISION) AND SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2014 and 2013 (Mexican Pesos) FIDEICOMISO IRREVOCABLE NO. F/1616 (DEUTSCHE BANK MEXICO, S. A. MULTIPLE BANKING INSTITUTION, TRUST DIVISION) AND SUBSIDIARY CONSOLIDATED INCOME STATEMENTS For the year ended December 31, 2014 and for the period from March 12, 2013 to December 31, 2013 (Mexican Pesos) Note Note Assets Current assets: Cash and cash equivalents 5 $ 1,106,691, ,639,741 Trade and other accounts receivable 6 82,880,028 6,813,723 Accounts receivable from related parties 11 54,119,620 42,725,455 Recoverable value-added tax 247,489, ,821,221 Recoverable taxes and others 8,917,183 7,739,688 Total current assets 1,500,097, ,739,828 Property, furniture and equipment, net 8 6,041,103,702 4,296,168,118 Deferred income taxes ,886 74,861 Intangible assets and other assets 10 18,954,965 $ 7,560,477,982 4,881,982,807 Liabilities and trustor s equity Current liabilities: Suppliers $ 53,301,237 11,339,095 Other payables 4,025,327 4,856,177 Other contributions payable 13,105,012 Property acquisition liability 9 144,654, ,500,000 Accounts payable to related parties 11 67,343,389 10,000,159 Bank charges due to bank 16 10,700,694 Client prepayments 4,783, ,057 Total current liabilities 297,914, ,863,488 Bank charges due to bank 16 4,600,000 Long-term accounts payable to related parties 11 2,044,222 2,044,222 Bank loans 16 66,029,307 Derivative financial instruments ,193 Employee benefits , ,397 Revenue from: Lodging $ 832,151,025 8,748,822 Property leases 11 52,121, ,942,188 Other operating income 11 27,220,530 Total revenue 884,272, ,911,540 Costs and expenses from hotel services: Lodging ,275,688 4,405,271 Administrative ,067,416 10,725,668 Advertising and promotion 11 41,032, ,647 Electricity 59,977, ,014 Maintenance 11 44,290,280 7,888,522 Royalties 56,346, ,472 Total costs and expenses from hotel services 553,990,923 24,466,594 Gross margin 330,281, ,444,946 Other costs and expenses (income): Property tax 5,694,911 1,865,140 Insurance 2,993,680 1,186,461 Advisor fee 11 26,428,680 11,594,350 Corporate expenses 11 28,409,360 16,336,927 Depreciation 8 108,256,594 50,563,380 Executive share-based compensation 11 d 18,499,999 14,869,623 Costs from business acquisitions 3 m 64,338,383 Other income, net (2,172,226) (1,866,744) Total costs and expenses 252,449,381 94,549,137 Operating income 77,832,574 83,895,809 Interest expense (income), net 10,751,057 (41,106,230) Total liabilities 371,712, ,154,107 Loss (gain) on exchange rate fluctuation, net 674,753 (16,966,760) Finance expense (income) 11,425,810 (58,072,990) Trustors equity: Income before income taxes 66,406, ,968,799 Contributed capital 12 6,991,560,906 4,457,967,374 Executive share-based compensation reserve 11 d 33,369,622 14,869,623 Income taxes ,025 74,861 Reserve for valuation effect of derivative financial instruments 15 (893,193) Retained earnings ,728, ,991,703 Consolidated net income Basic earnings per CBFIs * $ 66,653, ,043, Total trustors equity 7,188,765,777 4,577,828,700 Diluted earnings per CBFIs * Weighted average of outstanding CBFIs ,019, ,334, $ 7,560,477,982 4,881,982,807 * Real Estate Fiduciary Stock Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios CBFIs ) See accompanying notes to consolidated financial statements. See accompanying notes to consolidated financial statements.

33 FIDEICOMISO IRREVOCABLE NO. F/1616 (DEUTSCHE BANK MEXICO, S. A. MULTIPLE BANKING INSTITUTION, TRUST DIVISION) AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the year ended December 31, 2014 and for the period from March 12, 2013 to December 31, 2013 (Mexican Pesos) FIDEICOMISO IRREVOCABLE NO. F/1616 (DEUTSCHE BANK MEXICO, S. A. MULTIPLE BANKING INSTITUTION, TRUST DIVISION) AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN TRUSTORS EQUITY For the year ended December 31, 2014 and for the period from March 12, 2013 to December 31, 2013 (Mexican Pesos) Note Net income $ 66,653, ,043,660 Comprehensive income items: Reserve for valuation effect of derivative financial instruments 15 (893,193) Total comprehensive income $ 65,760, ,043,660 See accompanying notes to consolidated financial statements. Reserve for valuation Executive effect of share-based derivative Total Contributed compensation financial Retained Trustors Note capital reserve instruments earnings equity Initial contributed capital 12 $ 20,000 20,000 Contributed capital 12 4,541,783,920 4,541,783,920 Reimbursements and distributions to holders of certificates 12 (83,836,546) (37,051,957) (120,888,503) Equity-settled share-based compensation 11 d 14,869,623 14,869,623 Comprehensive income 142,043, ,043,660 Balance as of December 31, ,457,967,374 14,869, ,991,703 4,577,828,700 Contributed capital 12 2,750,810,570 2,750,810,570 Reimbursements and distributions to holders of certificates 12 (217,217,038) (6,917,050) (224,134,088) Equity-settled share-based compensation 11 d 18,499,999 18,499,999 Comprehensive income (893,193) 66,653,789 65,760,596 Balance as of December 31, 2014 $ 6,991,560,906 33,369,622 (893,193) 164,728,442 7,188,765,777 See accompanying notes to consolidated financial statements

34 FIDEICOMISO IRREVOCABLE NO. F/1616 (DEUTSCHE BANK MEXICO, S. A. MULTIPLE BANKING INSTITUTION, TRUST DIVISION) AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended December 31, 2014 and for the period from March 12, 2013 to December 31, 2013 (Mexican Pesos) FIDEICOMISO IRREVOCABLE NO. F/1616 (DEUTSCHE BANK MEXICO, S. A. MULTIPLE BANKING INSTITUTION, TRUST DIVISION) AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2014 and for the period from March 12, 2013 to December 31, 2013 (Mexican Pesos) Note Operating activities: Consolidated income before taxes $ 66,406, ,968,799 Adjustments: Depreciation 8 108,256,594 50,563,380 Executive share-based compensation 11 d 18,499,999 14,869,623 Operating activities 193,163, ,401,802 Increase in trade and other accounts receivable 6 (77,243,800) (6,813,723) Related parties 11 45,949,065 (30,661,074) Increase in recoverable taxes (104,668,158) (150,560,909) Increase in suppliers and other payables 45,746, ,863,329 Increase in other contributions payable 13,105,012 Employee benefits 14 (14,969) 246,397 Net cash flows generated by operating activities 116,037, ,475,822 Investing activities: Acquisition of property, furniture and equipment 8 (1,984,037,279) (4,346,731,498) Acquisition of intangible assets 10 (18,954,965) Net cash flows generated by investing activities (2,002,992,244) (4,346,731,498) Financing activities: Bank loans received 16 1,000,000,000 Bank loans paid 16 (900,000,000) Bank charges due to bank 16 (18,669,999) Contributed capital 12 2,750,810,570 4,541,783,920 Distributions to holders of certificates 12 (224,134,088) (120,888,503) Net cash flows generated by financing activities 2,608,006,483 4,420,895,417 Cash and cash equivalents: Increase in cash and cash equivalents during the period 721,051, ,639,741 Cash at the beginning of the period 5 385,639, COMPANY S ACTIVITY Translation from Spanish language original Trust F/1616 (Deutsche Bank Mexico, S. A. Multiple Banking Institution, Trust Division) and Subsidiary ( Fibra INN or the Trust ) was established on October 23, 2012, as a real estate trust by Asesor de Activos Prisma, S.A.P.I de C.V.(the Trustor ), Deutsche Bank México, S.A., Multiple Banking Institution, Trust Division (the Trustee ). The Trust started operations on March 12, 2013 and was created mainly to acquire and own real estate, with a view to leasing commercial properties earmarked for the hospitality industry and providing related services. Fibra INN, as a real estate investment trust (Fideicomiso de Inversiones en Bienes Raices FIBRA ), meets the requirements to be treated as a transparent entity in Mexico in accordance with the Mexican Income Tax Law. Therefore, all proceeds from the Trust s operations are attributed to holders of its Real Estate Fiduciary Stock Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios CBFIs ) and the Trust F/1616 is not subject to income taxes in Mexico. In order to maintain its FIBRA status, the Tax Administration Service (Servicio de Administración Tributaria - SAT ) established, in Articles 223 and 224 of the Income Tax Law for the period of 2013, that the Trust must annually distribute at least 95 percent of its net tax result to CBFIs holders. In accordance with the new Income Tax Law 2014, the articles related to the tax requirements of a FIBRA are 187and 188, which sustain the same characteristics as the previous law. Administradora de Activos Fibra INN, S.C. (AAFI) is a subsidiary of Fibra INN, in which it holds a 99.9% ownership interest and has control, as defined in note 2c. This entity provides support functions necessary to conduct the businesses of the Trust. The Trust s legal address is Ricardo Margain Zozaya No. #605, Colonia Santa Engracia, in San Pedro Garza García, Nuevo León. For the development of its operation, Fibra INN has entered into the following contracts with related parties: i. Advisory services on acquisition, management and development of assets with Asesor de Activos Prisma, S. A. P. I. de C. V. Management consulting services are permanent for all hotels that comprise the equity of the Trust, and are determined by the value of the related assets. In the General Holders Meeting held on October 17, 2014, a resolution to modify the percentage applied to the value of assets in determining the fees from advisory on management was reached, remaining a 0.75% over the gross value of real estate assets, adjusted by inflation. The advisory services on acquisition and development are performed once for all hotels acquired and developed, and are determined by the agreed purchase price or developed property, as applicable. Additionally, in the General Holders Meeting held on October 17, 2014 a resolution to eliminate the fee from advisory services on acquisition and development of assets was reached. This resolution will be applicable in respect of the assets whose acquisition is approved after October 17, The stated term for this contract is 10 years. Cash at the end of the period 5 $ 1,106,691, ,639,741 ii. Hotel management services contract with Gestor de Activos Prisma, S.A.P.I. de C.V. The hotel management services are permanent, for the corresponding hotels (some hotels contract with third-party hotel management services). These services See accompanying notes to consolidated financial statements. were provided since December 26, 2013 and the stated term of the contract is 10 years iii. Personal services contracts with Servicios Integrales Fibra INN, S.A.P.I. de C.V. and Impulsora Fibra INN, S.A.P.I. de C.V.

35 iv. Space rental contract with Operadora México Servicios y Restaurantes, S.A.P.I. de C.V. Lease of spaces effective since December 26, Spaces granted as leases are those used to provide other services different to lodging services. The term of this contract is 20 years. Significant events 1. As a result of the legislative changes contained in the new Income Tax Law, which are effective on January 1, 2014, the Technical Committee of Fibra INN decided to carry out changes to the Trust s activities with two main objectives: (i) maintain strict adherence to the provisions of the new Income Tax Law, and (ii) avoid material impacts that may affect the profitability of Fibra INN. The changes made to the Trust s activities, fully complies with the provisions of Articles 187 and 188 of the new Income Tax Law as well as those prescribed by the Article 223 and 224 of the Income Tax Law in force through December 31, 2013 and Rule I of the Miscellaneous Tax Resolution for 2012, as it relates of properties designated for lodging. Based on the above mentioned, the Technical Committee of Fibra INN decided to implement the following changes in its activity: a) Starting from December 26, 2013, lodging services of the hotels will be recognized and invoiced directly by the Trust F/1616, which will pay the expenses related to lodging as well. According to the Rule of the Miscellaneous Tax Resolution for 2012, lodging revenues are considered as leasing revenues. b) Starting from December 26, 2013, for services that do not arise from lodging, for both selected and limited service hotels, as well as full service hotels, which comprise the use of meeting rooms, coffee break services, telephone, laundry, dry cleaner and snack bars, among others, Fibra INN will lease the properties directly from the operator. For these effects, the Trust has entered into a lease contract for each of its hotels with Operadora México, Servicios y Restaurantes, S.A.P.I de C.V. ( Operadora México ). Thus, the Trust will have revenues for leasing of properties and the rendering of services other than lodging will be transferred to Operadora México. 2. AUTHORIZATION AND BASIS OF PRESENTATION Authorization The accompanying consolidated financial statements were authorized for issuance on March 31, 2015, by Ing. Oscar Eduardo Calvillo Amaya, Chief Executive Officer, and are subject to the approval of the Technical Committee, represented by Ing. Victor Zorrilla Vargas as its President and which may modify such financial statements. Basis of presentation a. Statement of compliance The consolidated financial statements of Fibra INN have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). b. Basis of measurement The Trust s consolidated financial statements have been prepared on the basis of historical cost, except for the following items of the consolidated statement of financial position, which were measured at fair value: a) derivative financial instrument; b) the net defined benefits liability is recognized as the fair value of plan assets, less the present value of the defined benefits obligation. The historical cost is generally based on the fair value of the consideration granted in exchange of the assets. c) Starting from December 26, 2013, for the specific case of full service hotels, the revenue of services other than lodging will be recognized and invoiced by a new Trust F/1765. This entity will pay the direct inputs and related expenses with the rendering of such services. It will also pay the payroll and related expenses to the personal needed to render the services. Fibra INN will receive revenue for property leasing based on a fixed monthly rent plus a variable component ranging between 10% and 25% of the revenue generated from the abovementioned services. The purpose for the incorporation of the Trust F/1765 is the existence of a third entity to receive the amounts of revenue on which the percentage to determine the variable portion of the rent to be obtained from the different hotels, will be applied. 2. On September 9, 2014, the Trust entered into a line of credit for $2,300,000,000 of pesos to finance its property acquisition and development expansion plan. The institutions participating in the line of credit are: Banorte, Actinver, Banamex, BanRegio and Scotiabank. This bank debt is located in a cash credit line account that has a fiduciary and pledge collateral, with a term of 54 months and payable at maturity. The agreed interest rate is TIIE plus 2.5% for the first three years, plus two increases: an additional 0.25% during months 37 to 45 and a 0.5% additional increase during months 46 to 54. As of December 31, 2014 the amount outstanding is $100,000,000. c. Basis of Consolidation The consolidated financial statements include those of Fibra INN and those of its subsidiary, Administradora de Activos Fibra INN, S.C., of which it holds a 99.9% of capital stock and where it holds control. Control is achieved when Fibra INN: has power over the investee; is exposed, or has rights, to variable returns from its involvement with an investee; and has the ability to affect those returns through its power over the investee. Balances and transactions with the subsidiary company have been eliminated in the consolidated financial statements. Fibra INN reassessed whether it holds control on the service entities that are mentioned in Note 1, and concluded that in accordance with IFRS 10 Consolidated Financial Statements it does not control such entities since it does not have the power to decide over the management of their relevant activities; as well as the fact that key operating decisions rely on the shareholders of those entities and not on Fibra INN, therefore, no control relationship exists. 66 d. Local, functional and reporting currency On November 21, 2014, Fibra INN concluded the process of issuing additional CBFIs to existing holders, subscribing a total of 178,685,324 new CBFIs, at a price of $15.85 for a total of $2,832,162,385. The functional currency of the Trust is the Mexican peso, which is the same to its local and reporting currencies.

36 e. Income statement and comprehensive income statement Costs and expenses presented in the consolidated income statement were classified according to their nature. Fibra INN shows line items of gross margin and operating income since they are considered important performance indicators for the users of financial information. Income and expenses are presented based on their nature. The Trust presents in the statement of comprehensive income those accounting items that were already accrued but are still pending to be realized. f. Statement of cash flows Fibra INN presents its statement of cash flows using the indirect method. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Trust s significant accounting policies are as follows: a. Financial instruments Financial assets Financial assets are classified according to the following specific categories: financial assets at fair value through profit or loss, investments, and loans and accounts receivable. Classification depends on the nature and the purpose of the financial assets and is determined at the time of initial recognition. Cash and cash equivalents Cash and cash equivalents consist mainly of bank deposits in checking accounts and short-term investments. Cash is stated at nominal value and cash equivalents are valued at fair value. The Trust considers as cash equivalents all highly liquid debt instruments purchased with an original maturity of three months or less. Cash equivalents are represented mainly by government bonds whose proceeds are payable at maturity. Trade accounts receivable and accounts receivable from related parties Trade accounts receivable and other accounts receivable whose payments are fixed or can be determined, and which are not traded on an active market are classified as loans and accounts receivable. Loans and accounts receivable are recognized at amortized cost using the effective interest method, and are subject to impairment tests. Impairment of financial assets Financial assets and financial liabilities are recognized when the Trust is subject to the underlying instrument s contractual terms. Financial assets and liabilities are initially recognized at fair value. Transaction costs directly attributable to the acquisition or issuance of a financial asset or liability (other than the financial assets and liabilities recognized at fair value through profit or loss) are added or deducted from the fair value of financial assets or liabilities, if any, upon initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value with changes in profit or loss are immediately recognized in the consolidated income statement. Financial assets and liabilities are offset and the net amount is presented in the statement of financial situation when and solely when, the Company has the legal right to offset the amounts and intends to either settle on a net basis, or realize the asset and settle the liability simultaneously. The subsequent valuation of the financial instruments depends on the category in which they are classified. The accounting treatment for each category of financial instruments is described as follows: As of the date of these consolidated financial statements, the Trust maintains instruments classified as suppliers, other payables, related parties, loans and receivables, as well as investments in government bonds as part of cash equivalents. Financial assets other than the financial assets valued at fair value through profit or loss are subject to impairment tests at the end of each reporting period. Financial assets are deemed impaired when there is objective evidence that, as a consequence of one or more events occurring after the initial recognition of the financial asset, the estimated future cash flows of the financial asset have been affected. For financial assets recorded at amortized cost, the amount of impairment loss recognized is the difference between the carrying amount of the asset and the present value of future collections, discounted at the original effective interest rate of the financial asset. Equity instruments An equity instrument is any contract showing a residual share in the Trust s net assets. Equity instruments issued by Fibra INN are recognized according to the amount received, net of direct issuance costs. When contributions are made to the Trust or it acquires properties that do not represent a business, in exchange for its equity instruments, the transaction is recorded as a share-based payment to third parties (other than to employees) payable through equity instruments and is measured based on the fair value of goods received, except when such value cannot be estimated reliably. Effects on the financial position are shown in the statement of changes in Trustors equity as equity contributions and do not have an impact on the results of the period. Fair value of financial instruments Financial liabilities The fair value of financial instruments that are traded in active markets will be determined by reference to quoted prices in such markets or market rate prices of the seller (bid-price for long positions and ask-price for short positions), without deducting Financial liabilities are classified as financial liabilities at fair value through profit or loss, or other financial liabilities. 68 any transaction costs. For financial instruments that are not traded in an active market, the fair value is obtained by using appropriate valuation techniques. These techniques may include the use of recent market transactions between independent parties; reference to the fair value of other substantially similar financial instruments, cash-flows discount analysis or other valuation models. Other financial liabilities, including loans, are initially recognized at fair value, net of transaction costs and are subsequently valued at amortized cost using the effective interest method, and interest expenses are recognized on an effective return base. 69

37 The effective interest rate method is a method for the calculation of the amortized cost of a financial liability and of the assignment of the financial expense along the period concerned. The effective interest rate is the rate that exactly discounts the estimated cash payments along the expected life of the financial liability (or, where adequate, in a shorter period) which represents the net amount in books of the financial liability at its initial recognition. De-recognition of financial liabilities The Trust derecognizes off financial liabilities if, and solely if, obligations are met, cancelled or expired. Derivative financial instruments Fibra INN measures and records all operations with derivative financial instruments in the consolidated statements of financial position as either an asset or liability at fair value, regardless of the purpose of holding them. At the inception of the hedge accounting relationship of a derivate financial instrument, the Trust reviews that all hedge accounting requirements are complied, and documents its designation at the inception of the operation, describing the objective, characteristics, accounting treatment and the way how the measurement of effectiveness will be carried out, applicable to that operation. Derivatives designated as cash flow hedges recognize valuation changes corresponding to the effective portion temporarily in other comprehensive income and in profit or loss when the hedged item affects it, while the ineffective portion is recognized immediately in profit or loss, because due to the risk management strategy profile of Fibra INN. Hedge accounting is discontinued when Fibra INN revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, when it no longer qualifies for hedge accounting or effectiveness is not high enough to compensate changes in fair value or cash flows of the hedged item, or when the Trust decides to cancel the hedge designation. When discontinuing cash flow hedge accounting, any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss. Where a hedge for a forecasted transaction is proved satisfactory and subsequently does not meet the effectiveness test, the cumulative effects in other comprehensive income in equity are recognized in proportion to profit or loss, to the extent that the forecasted asset or liability affects it. b. Property, furniture and equipment Property, furniture and operating equipment of the hotels are initially recognized at their acquisition cost. Cost includes expenditures directly attributable to the acquisition of the assets, costs of bringing the assets to conditions intended for its use and capitalized borrowing costs. An item of property, furniture and equipment, is recognized when the inherent risks and benefits to the use that Fibra INN intends to give to that asset, are acquired. When components of an item of property, furniture and equipment have different useful lives, these are accounted for separately (main components). Property, furniture and operating equipment of the hotels are presented at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets net of its residual values, at the moment that the asset is available for its intended use. Fibra INN has determined that the residual values of its assets of property, furniture and equipment, are not greater than zero, given that there is no expectation to obtain future economic benefits through sale. Estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, and the effect of any change in the estimates recorded is recognized on a prospective basis. The estimated useful life of property, furniture and equipment is the following: Years Buildings 66 Components of buildings 8 Furniture and equipment 12 Machinery and equipment 14 The depreciation method, the useful lives and the residual values are reviewed at the end of each reporting period and are adjusted, if necessary. An item of property, furniture and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from de-recognition of an item of property, furniture and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item. The gain or loss is recognized on a net basis within the other costs and expenses line item. c. Intangible assets Intangible assets that are acquired by the Trust, and which have finite useful lives, are recorded at cost less accumulated amortization and accumulated impairment losses; these assets mainly include the cost of software for administrative use that has not started to be amortized since it is in its development stage. Other intangible assets include use of trademark licenses and expenses related to its grant. The factor to determine their useful lives is the estimated time of use, according their contractual terms. The estimated useful lives and amortization method are reviewed at the end of each year, and the effect of any change in the recorded estimate is recognized prospectively. Improvements that have the effect of increasing the asset s value, either because they increase the capacity of service, improve d. Impairment of long-lived assets 70 efficiency or extend the asset s useful life, are capitalized once it is probable that the future economic benefits will flow to Fibra INN and the costs may be reliably estimated. All maintenance and repairing costs that do not meet the requirements to be capitalized are recognized in profit or loss. At the end of each reporting period, Fibra INN reviews the book values of its long-lived assets to determine if there is any indicator that those assets have suffered any impairment loss at the end of each reporting period. If there is any indicator, the 71 recoverable amount of the asset is calculated in order to determine the extent of the impairment loss, if they exist. When it is not possible to estimate the recoverable amount of an individual asset, Fibra INN estimates the recoverable amount of the

38 cash generating unit to which such asset belongs. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. When evaluating the value in use of an asset, the future estimated cash flows are discounted to its present value using a pre-tax discount rate that reflects the actual evaluation of the market in respect to the time value of money and the specific risks of the asset for which estimates of future cash flows have not been adjusted. If it is estimated that the recoverable amount of an asset (or cash-generating unit) is less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized in profit or loss within the other costs and expenses line item. When an impairment loss is reversed subsequently, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, in such a way that the increased carrying amount does not exceed the carrying amount that would have been determined if an impairment loss had not been recognized for such asset (or cashgenerating unit) in prior years. The reversal of an impairment loss is immediately recognized in profit and loss within the other costs and expenses line item. During the periods ended December 31, 2014 and 2013, Fibra INN did not recognized impairment losses. e. Provisions Provisions are recognized when there is a present obligation as a result of a past event, which will probably result in an outflow of economic resources, and can be reasonably estimated. For purposes of accounting, the amount is discounted to present value when the discount effect is significant. Provisions are classified as current or non-current based on the estimated period to meet the obligations that are covered. When the recovery from a third party is expected for some or all of the economic benefits required to settle a provision, an account receivable is recognized as an asset if it is virtually certain that the payment will be received and the amount of the account receivable can be valued reliably. f. Employee benefits i. Defined benefit plans iii. voluntary retirement, the offer is likely to be accepted, and the number of acceptances can be estimated reliably. If the benefits are payable no later than 12 months after the reporting period, then they are discounted at present value. Short-term benefits Short-term employee benefit obligations are valued on a basis without discount and are expensed as the respective services are rendered. A liability is recognized for the amount expected to be paid under short-term cash bonuses plans if the Trust has a legal or assumed obligation to pay these amounts as a result of past services provided by the employee and the obligation can be estimated reliably. g. Revenue recognition Starting from December 26, 2013 revenue is obtained by the operation of hotels and includes rental of rooms (lodging) and rental of property, which are recognized when the services are rendered. Starting from December 26, 2013 Fibra INN recognizes revenue for leasing of rooms (lodging) in the income statement as identified by its legal form. Nevertheless, such revenue is recognized in accordance to the recognition criteria for the rendering of services, that is, when the amount and the costs of the transaction can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity and the lodging services have been rendered. Revenue from property leasing is recognized for the rents obtained. These revenues are recognized on a straight-line basis over the terms of the contract at the moment in which the service is accrued, when the amounts and the costs related to the transaction can be measured reliably and it has been determined that is probable that the economic benefits will flow to the Trust. The term of the lease is the non-cancellable period, together with any further terms for which the lessee has the option to continue to lease the asset, when at the inception of the lease, Fibra INN is reasonably certain that the lessee will exercise the option. h. Income taxes A defined benefit plan is a benefit plan at the end of a labor relationship different from one of defined contributions. The Trust s net obligations with respect to the defined-benefit plan are calculated estimating the amount of future benefit accrued by employees in return for their services in ongoing and past periods; that benefit is discounted to determine its present value, and the costs for past services are deducted. The discount rate is the yield at the reporting date of the government bonds that have maturity dates approximate to the maturities of the Trust s obligations which are denominated in the same currency in which benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. Fibra INN recognizes the actuarial gains and losses arising from the defined benefit plans in the income statement, in the period in which they occur. As mentioned in Note 1, the Trust F/1616 is eligible for and intends to maintain its current status as a Fideicomiso de Inversiones en Bienes Raices (FIBRA or REIT in English) for income tax purposes and, therefore, does not recognize a provision for income taxes. However its subsidiary is subject to income taxes and therefor the consolidated financial statements reflect the associated impacts. Deferred income taxes are recognized over the temporary differences between the carrying amount of assets and liabilities included in the financial statements, and their corresponding tax values, which are used to determine the tax result, applying the corresponding tax rates to these differences. A deferred tax asset is recognized for all deductible temporary differences, to the extent probable that Fibra INN dispose of future taxable profit against which the deductible temporary differences can be utilized. These assets and liabilities are not recognized when the temporary differences arise from goodwill or the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that does not affect the accounting or tax result. ii. Termination benefits Fibra INN does not recognize a deferred tax liability for the temporary differences related to the investment in subsidiary as 72 Termination benefits are recognized as an expense when the Trust s commitment can be evidenced, without real possibility of reversing, with a detailed formal plan either to terminate employment before the normal retirement date, or else, to provide benefits for termination as a result of an offer that is made to encourage voluntary retirement. The benefits from termination in cases of voluntary retirement are recognized as an expense, solely if the Trust has made an offer of it controls the reversal of such temporary differences, and it is not probable that they will be reversed in a foreseeable future. Deferred tax assets arising from temporary differences associated to such investment and interests are recognized only to the extent that it is probable that sufficient taxable profit will be available against which the temporary difference can be utilized and the temporary difference is expected to reverse in the foreseeable future. 73

39 i. Foreign currency transactions Foreign currency refers to currency different to Fibra INN s functional currency. Foreign currency transactions are recorded at the applicable exchange rate in effect at the transaction date. Monetary assets and liabilities denominated in foreign currency are translated into Mexican pesos at the applicable exchange rate in effect at the date of the financial statements. Exchange fluctuations are recorded in the consolidated income statement. j. Share-based payments Payments to employees that are made with equity shares are measured at fair value of the equity instruments at the date of grant. The fair value, determined at the grant date of the payment based on equity, is recognized in profit or loss based on the straight-line method over the period when the employee provides the related service, based on the estimate of equity instruments that management believes the employee will ultimately acquire, with a corresponding increase in equity. At the end of each reporting period, the Trust revises its estimate of the number of equity instruments that are expected to vest. The impact of the review of the original estimates, if any, is recognized in the income of the period such that the cumulative expense reflects the reviewed estimate, with a corresponding adjustment in equity. k. Basic and diluted earnings per CBFIs Basic earnings per CBFI are determined by dividing the consolidated income with the weighted average of outstanding CBFIs of the period. Diluted earnings per CBFIs are determined by adding to the number of outstanding CBFIs during the period, 437,019,542 the 3,000,000 CBFIs correspondent to the equity-based compensation (see note 11d), which will vest if certain conditions established for the eligible executives are met. l. Segment information 4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the accounting policies of Fibra INN, as described in note 3, management is required to make judgments, estimates and assumptions about the carrying amount of certain assets and liabilities that are not easily available by other sources. Estimates and associated assumptions are based on historical experience and other factors considered relevant. The actual results may differ from these estimates. The related estimates and assumptions are reviewed continuously. Changes to accounting estimates are recognized in the period in which the estimate is changed if the change affects solely that period, or the current period and future periods if the change affects both current and future periods. a. Critical judgments in the application of accounting policies The following are the critical judgments, other than those involving estimates (see below), that management has developed in the process of applying the accounting policies of Fibra INN and which have the most significant effect on the amounts recognized in the consolidated financial statements. Classification of leases Leases are classified according to the extent that risks and rewards of ownership of the leased asset are transferred to Fibra INN or the lessee, based on the substance of the transaction, rather than its legal form. Based on an evaluation of the terms and conditions of the agreements, Fibra INN has determined that it maintains substantially all the risks and significant rewards of ownership of these goods and, therefore, classifies its leases as operating leases. Business combinations or acquisition of assets Operating segments are defined as components of an entity, oriented to the rendering of services that are subject to risks and benefits. The Trust is mainly involved in four segments: Northeast, South Central, West and North. Business operating segments are grouped according to the geographical areas where they operate. For internal and organizational purposes, each segment performs the administration and supervision of all of its activities, which refer to the rendering of lodging services and leasing of properties. Accordingly, management of Fibra INN internally evaluates the results and performance of each business for purposes of decision-making. Following this approach, in the daily operations, economic resources are allocated on an operational basis for each segment. m. Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred to Fibra INN plus liabilities incurred by Fibra INN to the former owners of the acquiree and the equity interests issued by Fibra INN in exchange for control of the acquire at the acquisition date. Acquisition-related costs are generally recognized in profit or loss as incurred. At the acquisition date, identifiable assets acquired and liabilities assumed are recognized at fair value. Management uses its professional judgment to determine if the acquisition of a group of assets represents a business combination. Such determination may have a significant impact in how the acquired assets and assumed liabilities are accounted for, both at the initial recognition and subsequently. Income taxes In order to continue to be eligible as a FIBRA for income tax purposes, the Trust must comply with certain requirements of this tax regime, which relate to issues such as the annual distribution of at least 95% of taxable income. According to the Trust, it will continue to be eligible under the FIBRA tax regime. b. Main sources of estimation uncertainty in the assumptions The following are the key assumptions about the future and other key sources of estimation uncertainty at the end of the reporting period, which have a significant risk to result in a material adjustment to the carrying amount of assets and liabilities on the next financial period. Useful lives and residual values of property, furniture and equipment Useful lives and residual values of items of property, furniture and equipment are used to determine the amortization and depreciation of assets and are defined according to the analysis by internal and external specialists. Useful lives are periodically reviewed, at least once a year, and are based on the current conditions of assets and the estimate of the period during which

40 they will continue to generate economic benefits to the Trust. If there are changes in the estimate of useful lives, the net carrying amount of assets is affected prospectively, as well as the corresponding depreciation expense. Impairment of long lived assets The carrying amount of long-lived assets is reviewed for impairment in case that situations or changes in the circumstances indicate that it is not recoverable. If there are impairment indicators, a review is carried out to determine whether the carrying amount exceeds its recoverability value and whether it is impaired. In the impairment evaluation, assets are grouped in the cash generating unit to which they belong. The recoverable amount of the cash generating unit is calculated as the present value of future cash flows that the assets are expected to produce. There will be impairment if the recoverable value is less than the carrying amount. Fibra INN defines the cash generating units at the individual hotel level and also estimates the periodicity and cash flows that it should generate. Subsequent changes in grouping cash generating units, or changes in the assumptions underlying the estimate of cash flows or the discount rate, could impact the carrying amounts of the respective assets. Calculations of value in use require the Trust to determine the cash flows generated by the cash generating units and an appropriate discount rate to calculate its present value. Fibra INN uses cash flows projections based on market conditions as part of its critical assumptions. In the same way, for purposes of the discount rate and the perpetuity growth, market risk premium indicators are used and long-term growth expectations for the markets in which Fibra INN operates. Defined benefit plans Fibra INN uses assumptions to determine the best estimate for these benefits. Assumptions and estimates are established in conjunction with independent actuaries. These assumptions include demographic hypothesis, discount rates and expected increases in remunerations and future permanence, among others. Although the assumptions are deemed appropriate, a change in such assumptions could affect the value of the employee benefit liability and the results of the period in which it occurs. 5. CASH AND CASH EQUIVALENTS Cash in banks $ 222,237,925 11,119,534 Cash equivalents (government bonds) 884,453, ,520,207 Total cash and cash equivalents $ 1,106,691, ,639,741 Article 187 clause III of the New Mexican Income Tax Law establishes that the capital contribution that was not utilized to acquire properties must be invested in government bonds that are registered with the National Securities Register, or in shares of investment entities in debt instruments. During the years of 2014 and 2013, the Trust invested in government bonds. 6. TRADE AND OTHER ACCOUNTS RECEIVABLE Clients for hotel services $ 70,482,980 4,241,667 Other accounts receivable 12,397,048 2,572,056 Accounts receivable aging: Fibra INN has not recognized an impairment in its receivables since it considers that all are recoverable. 7. PORTFOLIO OF HOTELS Contributed Portfolio $ 82,880,028 6,813,723 In March 2013, Fibra INN held an initial public offering ( IPO ) of CBFIs in Mexico and other international markets, and entered into a series of constitution/establishment transactions whereby eight properties were contributed to the Trust in exchange for CBFIs. Properties included in the contributed portfolio are as follows: Acquisition Properties CBFIs (1) cost Hampton Inn Galerías Monterrey 12,015,747 $ 222,291,320 Hampton Inn Querétaro 11,609, ,782,965 Hampton Inn Saltillo 15,607, ,741,229 Holiday Inn Express Saltillo 14,058, ,087,634 Holiday Inn Express Toluca 18,162, ,011,412 Holiday Inn Express Juárez 9,858, ,376,275 Hampton Inn Reynosa 2,249,436 41,614,566 Holiday Inn Express Monterrey 12,319, ,915,114 $ 1,773,820,515 (1) Properties making up the contributed portfolio were contributed by Adhering Trustors in exchange for 95,882,190 CBFIs

41 At the date of contribution, the contributed assets for each hotel are presented below: Properties Land Buildings Other assets Assets Hampton Inn Galerías Monterrey $ 13,893, ,734,470 8,663, ,291,320 Hampton Inn Querétaro 40,175, ,915,489 16,692, ,782,965 Hampton Inn Saltillo 18,046, ,772,517 12,922, ,741,229 Holiday Inn Express Saltillo 46,023, ,317,316 11,746, ,087,634 Holiday Inn Express Toluca 24,617, ,630,322 21,763, ,011,412 Holiday Inn Express Juárez 15,170, ,158,511 12,047, ,376,275 Hampton Inn Reynosa 2,247,872 29,182,592 10,184,102 41,614,566 Holiday Inn Express Monterrey 16,464, ,742,391 13,708, ,915,114 Total $ 176,638,637 1,489,453, ,728,270 1,773,820,515 Hotels acquired subsequent to the IPO In addition, in 2013 Fibra INN acquired the following hotels subsequent to its IPO: Properties Acquisition cost Camino Real Guanajuato $ 230,000,000 Marriott Puebla 370,333,843 Holiday Inn Coyoacán 381,000,000 Wyndham Garden Irapuato 93,000,000 México Plaza Celaya 139,000,000 México Plaza León 150,000,000 $ 1,363,333,843 Acquisition portfolio Properties included in the acquisition portfolio are as follows: Properties Acquisition cost Holiday Inn Express Playa del Carmen $ 135,755,400 Holiday Inn Express Toluca 76,000,000 Holiday Inn Express Guadalajara UAG 186,937,440 Holiday Inn Guadalajara Centro Histórico 139,981,500 Holiday Inn Monterrey Valle 204,000,000 Holiday Inn Puebla La Noria 193,600,000 At the date of acquisition, the acquired assets for each hotel are presented below: $ 936,274,340 The acquired assets for each hotel during 2013 are presented below: Properties Land Buildings Other assets Assets Camino Real Guanajuato $ 46,000, ,790,239 11,209, ,000,000 Marriott Puebla 107,699, ,536,689 7,097, ,333,843 Holiday Inn Coyoacán 95,250, ,263,305 21,486, ,000,000 Wyndham Garden Irapuato 23,250,000 64,931,055 4,818,945 93,000,000 México Plaza Celaya 34,750,000 98,711,455 5,538, ,000,000 México Plaza León 37,500, ,432,684 7,067, ,000,000 Total $ 344,449, ,665,427 57,219,076 1,363,333,843 The acquisitions of hotels that occurred in 2014 were performed to continue with the expansion of hotel operating activities in Mexico, in accordance with its established growth and expansion plans. During 2014, Fibra INN concluded the acquisition of 11 hotels as mentioned below: Consideration Properties Date of acquisition paid in cash Properties Land Buildings Other assets Assets Holiday Inn Express Playa del Carmen $ 39,590,545 87,076,412 9,088, ,755,400 Holiday Inn Express Toluca 13,728,761 59,369,864 2,901,375 76,000,000 Holiday Inn Express Guadalajara UAG 86,312,493 92,552,784 8,072, ,937,440 Holiday Inn Guadalajara Centro Histórico 25,610, ,016,317 4,355, ,981,500 Holiday Inn Monterrey Valle 54,970, ,243,923 14,785, ,000,000 Holiday Inn Puebla La Noria 38,062, ,807,879 14,729, ,600,000 Total $ 258,275, ,067,179 53,931, ,274,340 Aloft Guadalajara (1) March 31, 2014 $ 257,500,000 Holiday Inn Altamira April 28, ,020,000 México Plaza Aeropuerto, Silao April 29, ,000,000 Casa Grande, Chihuahua December 5, ,500,000 Casa Grande, Delicias December 5, ,266,325 Microtel Inn Suites by Wyndham, Ciudad Juárez November 21, ,000,000 Microtel Inn Suites by Wyndham, Chihuahua December 16, ,000,000 Microtel Inn Suites by Wyndham, Culiacán November 21, ,937,000 Microtel Inn Suites by Wyndham, Toluca December 16, ,000,000 Crowne Plaza, Monterrey December 10, ,000,000 México Plaza Andares, Guadalajara December 1, ,000, $ 1,424,223,325

42 At the date of acquisition, the fair value of the acquired assets are presented below: 8. PROPERTY, FURNITURE AND EQUIPMENT Properties Land Buildings Other assets Assets Aloft Guadalajara (1) $ 16,099, ,037,169 37,363, ,500,000 Holiday Inn, Altamira 28,255,000 75,193,009 9,571, ,020,000 México Plaza Aeropuerto, Silao 22,000,000 47,925,609 12,074,391 82,000,000 Casa Grande, Chihuahua 26,375,000 70,824,721 8,300, ,500,000 Casa Grande, Delicias 17,816,581 46,398,258 7,051,486 71,266,325 Microtel Inn Suites by Wyndham, Ciudad Juárez 15,250,000 35,415,932 10,334,068 61,000,000 Microtel Inn Suites by Wyndham, Chihuahua 18,250,000 48,823,258 5,926,742 73,000,000 Microtel Inn Suites by Wyndham, Culiacán 19,687,000 34,526,124 6,723,876 60,937,000 Microtel Inn Suites by Wyndham, Toluca 16,500,000 37,753,981 11,746,019 66,000,000 Crowne Plaza Aeropuerto, Monterrey 87,750, ,026,952 42,223, ,000,000 México Plaza Andares, Guadalajara 45,750, ,705,799 15,544, ,000,000 Total $ 313,733, ,630, ,859,213 1,424,223,325 (1) Fibra INN made a prepayment of $37,500,000 related to expect future performance, which will be calculated in the third year of hotel operations according to formulas determined in the acquisition agreement. The Trust has allocated this payment as part of the acquisition investment, since it considers a high probability that the hotel performance is above expectations and such the payment is not expected to be returned. The value of assets acquired in the different hotel acquisitions is similar to the acquisition price paid and therefore no goodwill has been generated in these transactions. From the respective acquisition dates, revenue and net income of the acquired hotels included in Fibra INN s consolidated income statement were $54,486,763 and $10,791,629, respectively, for the year ended December 31, If the abovementioned hotels had been acquired on January 1, 2014 Fibra INN s management estimates that revenue and operating income for the period from January 1 to December 31, 2014 would have been $271,000,000 and $125,000,000, respectively. Acquisition costs of acquired hotels as of December 31, 2014 amounted $64,338,383 and were recognized in the consolidated income statement Land $ 1,093,096, ,363,447 Buildings 4,240,395,273 3,078,533,989 Components of buildings 271,870, ,272,063 Machinery and equipment 183,622, ,195,146 Furniture and equipment 220,285, ,768,630 6,009,270,246 4,250,133,275 Less accumulated depreciation (158,819,974) (50,563,380) 5,850,450,272 4,199,569,895 Constructions in progress 190,653,430 96,598,223 $ 6,041,103,702 4,296,168,118 Construction in progress are mainly related to three hotels under development which are expected to be concluded during Cost of properties include $11,146,717 of capitalized borrowing costs during The movement of property, furniture and equipment during the periods of 2014 and 2013 is as follows: Balances as of Balances as of Historic cost January 1, 2014 Additions December, Land $ 779,363, ,733,299 1,093,096,746 Buildings 3,078,533,989 1,161,861,284 4,240,395,273 Components of buildings 173,272,063 98,598, ,870,304 Machinery and equipment 100,195,146 83,427, ,622,497 Furniture and equipment 118,768, ,516, ,285,426 Constructions in progress 96,598,223 94,055, ,653,430 $ 4,346,731,498 1,853,192,178 6,199,923,676 Balances as of Balances as of Historic cost January 1, 2014 Additions December, Land $ 434,914, ,449, ,363,447 Buildings 2,088,616, ,917,687 3,078,533, Components of buildings 137,568,899 35,703, ,272,063 Machinery and equipment 68,559,245 31,635, ,195, Furniture and equipment 93,060,715 25,707, ,768,630 Constructions in progress 96,598,223 96,598,223 $ 2,822,719,268 1,524,012,230 4,346,731,498

43 The initial portfolio includes the investment by the acquisition of properties, as mentioned in note 7, for $2,710,094,855, plus costs of deeds for $112,624,413. Accumulated depreciation Accumulated Accumulated depreciation as Depreciation depreciation as of December 31, expense of of December 31, Buildings $ 22,821,164 51,058,539 73,879,703 Components of buildings 17,288,720 34,648,700 51,937,420 Machinery and equipment 4,969,495 11,415,490 16,384,985 Furniture and equipment 5,484,001 11,133,865 16,617,866 $ 50,563, ,256, ,819,974 As of December 31, 2014 there are 16 properties that guarantee the bank loans mentioned in note PROPERTY ACQUISITION LIABILITY As of December 31, 2014 the Company has liabilities net of prepayments, which are related to the acquisition of two hotels as mentioned below: México Plaza Andares $ 114,960,000 Microtel Toluca 29,694,899 $ 144,654,899 The property acquisition liability that existed as of December 31, 2013 corresponding to hotels such as Holiday Inn Puebla La Noria, Wyndham Garden Irapuato, México Plaza Celaya and México Plaza León, were settled in January, February, April and October INTANGIBLE ASSETS As of December and 2013, intangible assets with definite useful live are as follows: Licenses and expenses related to use of trademarks $ 8,550,233 Software costs prepayments 10,404,732 18,954,965 Less accumulated amortization 11. TRANSACTIONS AND BALANCES WITH RELATED PARTIES a. Transactions with related parties were as follows: Acquisition, advisory, asset management and development services (1) $ 83,350,302 83,764,070 Hotel management and professional services (2) 226,522,493 3,962,380 Income from lease of property and other operating income (3) $ 193,565,436 Lodging income 2,117,383 Income from leasing (4) 44,928, ,282 (1) Asesor de Activos Prisma, S.A.P.I. de C.V. as mentioned in note 1(i). (2) Gestor de Activos Prisma, S.A.P.I. de C.V., Servicios Integrales Fibra Inn, S.A.P.I. de C.V. and Impulsora Fibra Inn, S.A.P.I. de C.V. (the last two entities only rendered services in 2014), as mentioned in note 1 (ii and iii). (3) Prisma Torreón, S.A.P.I. de C.V., Hotelera Saltillo, S.A.P.I. de C.V. until December 25, (4) Operadora México Servicios y Restaurantes, S.A.P.I. de C.V. as mentioned in note 1(i). b. Accounts receivable from related parties are: Operadora México Servicios y Restaurantes, S.A.P.I. de C.V. (1) $ 27,905, ,700 Prisma Torreón, S.A.P.I. de C.V. (2) 11,720,108 25,512,842 Hotelera Saltillo, S.A.P.I. de C.V. (2) 5,682,982 16,454,394 Trust 1765 (2) 3,968,705 Servicios Integrales Fibra Inn, S.A.P.I. de C.V 2,990,716 Gestor de Activos Prisma, S.A.P.I. de C.V. 1,790,593 Asesor de Activos Prisma, S.A.P.I. de C.V. 22,341 29,519 Impulsora Fibra Inn, S.A.P.I de C.V. 18,437 54,099,620 42,705,455 Account receivable from trustor Asesor de Activos Prisma, S.A. de C.V. (3) 20,000 20,000 $ 54,119,620 42,725,455 (1) Derived primarily from leasing of spaces. (2) Derived from collections in account of Trust F/1616. (3) There is an account receivable from shareholders for the amount of $20,000 related to the initial contributed capital $ 18,954,965 Trademark use rights represent rights acquired for the use of national and international franchises, currently under operation of hotels established in Mexico.

44 c. Payables with related parties are: 12. TRUSTORS EQUITY Asesor de Activos Prisma, S.A.P.I. de C.V. (1) $ 29,068, ,000 Trust F/1765 (2) 11,962, ,990 Gestor de Activos Prisma, S.A.P.I. de C.V. (3) 9,369,886 5,003,879 Prisma Torreón, S.A.P.I. de C.V. (4) 8,052,149 3,747,779 Servicios Integrales Fibra Inn, S.A.P.I. de C.V. (5) 6,116,254 Operadora México Servicios y Restaurantes, S.A.P.I. de C.V. 3,502,775 13,053 Hotelera Saltillo, S.A.P.I. de C.V. (4) 887,190 1,410,077 Impulsora Fibra Inn, S.A.P.I de C.V. (5) 420,266 HPM Edificaciones S.A.P.I. de C.V. 7,883 Prisma Norte, S.A. de C.V. 902,603 69,387,611 12,044,381 Less: Current portion of the liability (67,343,389) (10,000,159) Long-term payable $ 2,044,222 2,044,222 (1) Advisory services for assets management and acquisition and development of new investments. (2) Operating services granted in hotels, mainly food and beverages. (3) Hotel management services and until March 2014, personnel administrative services. (4) Primarily derived from payments made on behalf of the Trust, as well as for services of the period that partially corresponds to the Trust. (5) Payroll services. Additionally, there is a long-term liability for $2,044,222 that corresponds to labor obligations of 2014 and 2013, respectively. d. The benefits granted to key management personnel during the period are shown below: Short term benefits $ 24,610,635 16,794,003 Share-based compensation 18,499,999 14,869,623 $ 43,110,634 31,663,626 Contributions a. The Trust s equity consists of an initial contribution of $20,000 and of the proceeds of the issue of CBFIs. b. On March 13, 2013, the Trust carried out an IPO of CBFIs in Mexico and other international markets (the Offering ). The overall amount of the Global Offer (both the primary and secondary Offerings) amounted to $4,834,683,033, where 261,334,218 CBFIs were offered, with an over-allotment of $18.50, in the Mexican Stock Exchange (Bolsa Mexicana de Valores (BMV)), and in foreign markets. In relation to the Offering, Adhering Holders contributed to Fibra INN the hotels that comprise the Acquisition Portfolio in exchange for CBFIs, valued at $1,773,820,515, representing 95,882,190 CBFIs. c. On November 21, 2014, Fibra INN concluded the process of subscription exclusive for holders of CBFI s, subscribing a total of 178,685,324 new CBFIs, at a subscription price of $15.85 for a total of $2,832,162,385. As of December 31, 2014 and 2013, the number of outstanding CBFIs was 437,019,542 and 258,334,218, respectively. At these same dates, there are 3,000,000 CBFIs in treasury that represent $55,500,000. Reimbursements and distributions to holders of certificates a. On April 22, 2013, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent members distributions for a total of $5,920,878, with a value of $ per CBFI. On the same date, a capital reimbursement for a total of $1,272,100, with a value of $ per CBFI was approved. This distribution was paid in cash by Fibra INN on May 15, b. On July 24, 2013, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent members distributions for a total amount $4,296,578, with a value of $ per CBFI. On the same date, a capital reimbursement for a total of $48,993,603, with a value of $ per CBFI was approved. This distribution was paid in cash by Fibra INN on August 20, c. On October 23, 2013, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent members distributions for a total amount of $26,834,501, with a value of $ per CBFI. On the same date, a capital reimbursement for a total of $33,570,843, with a value of $ per CBFI was approved. This distribution was paid in cash by Fibra INN on November 19, Fibra INN has constituted a long term compensation plan for certain eligible executives, which consists in granting 3,000,000 equity instruments (CBFIs), conditioned to their employment in the Trust for a period of 3 years. This compensation plan qualifies as a consideration under the scope of IFRS 2, Share-based Payments. The service provided and the corresponding increase in equity of the Trust is measured at fair value, which is the market value of the equity instruments at the grant date. The Trust recognized a total amount of $18,499,999 and $14,869,623 in 2014 and 2013, respectively, for services received during the period based on the best estimate of the number of instruments that are expected to vest impacting equity. The Trust does not celebrate business transactions with management personnel and their close family members other than transactions at market value and available to the general public and whose amounts are not significant. d. On February 25, 2014, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent members distributions for a total amount of $6,917,050, with a value of $ per CBFI. On the same date, a capital reimbursement for a total of $54,763,649, with a value of $ per CBFI was approved. This distribution was paid in cash by Fibra INN on March 12, e. On April 23, 2014, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent 84 members distributions for a total amount of $5,699,426, with a value of $ per CBFI. On the same date, a capital 85 e. Transactions with management personnel and close family members reimbursement for a total of $53,274,203, with a value of $ per CBFI was approved. This distribution was paid in cash by Fibra INN on May 12, 2014.

45 f. On July 24, 2014, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent members distributions for a total amount of $43,481,154 with a value of $ per CBFI. This distribution was paid in cash by Fibra INN on August 11, g. On October 20, 2014, the Technical Committee of Fibra INN approved through the authorization of the majority of its independent members distributions for a total amount of $59,998,606 with a value of $ per CBFI. This distribution was paid in cash by Fibra INN on November 10, Issuance of CBFIs As of December 31, 2014 and 2013 the issuance of CBFIs as a part of the equity is integrated by: Concept Price Contributed capital 2013 Initial contribution: Cash contribution: 162,452,028 issued CBFIs $ 3,005,362,518 Contribution in kind: 95,882,190 issued CBFIs ,773,820,515 4,779,183,033 Issuance costs (237,399,113) Total issuance of CBFIs in 2013 $ 4,541,783, Cash contribution: 178,685,324 issued CBFIs ,832,162, INCOME TAX Trust F/1616 qualifies as a transparent entity in Mexico in accordance to Income Tax Law. Therefore, all proceeds resulting from the Trust s operations are attributable to the holders of CBFIs and the Trust is not subject to income tax in Mexico. In order to maintain its FIBRA status, the Tax Administration Service established, in Articles 223 and 224 of the Income Tax Law, that Fibra INN must annually distribute at least 95% of its net tax result to CBFIs holders of Fibra INN. The holders of CBFIs confirmed their agreement that the Trustee complies with its obligations as required by the IETU Law and thus determines taxable income in accordance with Clause V of Rule I of the 2013 Miscellaneous Tax Resolution. In accordance with the new 2014 Income Tax Law, articles related to tax requirements for FIBRAs are now 187 and 188, which support the same characteristics than the prior law. The Trust s subsidiary is subject to income tax and flat tax (until 2013). Income tax The rate was 30% for 2013, and under the new 2014 Income Tax Law ( 2014 Act ) it will continue at 30% for subsequent years. Flat tax This tax is levied on the sales of goods, the provision of independent services and the granting of temporary use or enjoyment of property, less certain authorized deductions, under terms defined in the Law. Both, income and deductions, and certain tax credits, are determined based on cash flows for each year at the rate of 17.5%. Beginning 2014 the flat tax was eliminated. The tax payable is the greater of the income tax and the flat tax (until 2013). The deferred income taxes are calculated on the basis of income tax at the rate applicable to the period in which the reversal of the temporary difference corresponding expected. a. Income taxes recognized in profit or loss Deferred income tax $ 247,025 74,861 Issuance costs (81,351,815) Reserves Total issuance of CBFIs in 2014 $ 2,750,810,570 Executive share-based compensation reserve The effect resulting from the executive share-based compensation reserve is determined in accordance to IFRS 2, Share-based Payments, which is measured at fair value of the market of the instrument at the grant date, as mentioned in note 11 d. b. As of December 2014 y 2013, the concepts that comprise the deferred income tax are as shown: Property, furniture and equipment $ 1, Provisions 251,402 Employee benefits 69,428 73,919 $ 321,886 74,861 Reserve of valuation effect of derivate financial instruments The hedging reserve comprises the effective portion of the net accumulated change in fair value of interest rate hedge instruments related to hedging transactions that have not been settled.

46 14. EMPLOYEE BENEFITS The movement in the defined benefit obligation during the year is shown below: a. Defined benefit plans Retirement benefits The carrying amount of financial instruments held by the Trust, such as cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values due to their short maturities. Additionally, since the disposal of the line of credit entered into by the Trust was performed in recent market terms, as it is mentioned in note 16, it is considered that its carrying amount does not differ significantly from its fair value. Fibra INN considers that the carrying amounts of its financial instruments approximate their fair values given their short maturity period. Defined benefit obligation $ 246, ,721 Current service cost 63, ,209 Paid benefits (51,767) Initial liability assumed (29,589) Actuarial gains 3,348 (31,533) Net projected liability $ 231, ,397 The bank loans balance for $66,029,307, net of transaction costs of $33,970,693, corresponds to the partial disposal of the line of credit made in December Derivative financial instrument On December 2014, Fibra INN entered into a derivative financial instrument contract to hedge the total outstanding balance of the line of credit contracted in September 2014 through an interest rate swap converting its variable rate into a fixed rate with the same maturity of the outstanding balance. This derivative financial instrument is described as follows: b. Cost recognized in profit or loss Retirement benefits Fair value Liability Counterparties Notional Current basic conditions Net cost of the period: Current service cost $ 45,123 24,399 Interest cost 17, ,810 Net cost of the period $ 63, ,209 Fibra INN pays a fixed rate in Mexican Pesos Various (1) $ 100,000,000 of 5.37% and receives TIIE $ (893,193) (1) Banorte, Actinver, Banamex, BanRegio and Scotiabank 15. FINANCIAL INSTRUMENTS AND RISKS MANAGEMENTS Types of financial instruments Fair value hierarchy The following table analyzes financial instruments measured at fair value through the fair value hierarchy described below. The different levels have been defined as follows: Financial assets: Cash and cash equivalents $ 1,106,691, ,639,741 Trade and other accounts receivable 82,880,028 6,813,723 Accounts receivable from related parties 54,119,620 42,725,455 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability are not based in observable market data (unobservable inputs). Financial liabilities: Measured at amortized cost: Suppliers $ 53,301,237 11,339,095 Other payables 4,025,327 4,856,177 Properties acquisition liability 144,654, ,500,000 Accounts payable to related parties 69,387,611 12,044,381 Client prepayments 4,783, ,057 Bank charges due to bank 15,300,694 Bank loans 66,029,307 Measured at fair value: Derivative financial instruments 893,193 Level 1 Level 2 Level 3 Total As of December 31, 2014 Derivative financial instruments $ 893, , As of December 31, 2013 Derivative financial instruments $

47 Capital management Fibra INN manages its capital with the objective of maximizing the wealth of its shareholders and the distributions by optimizing the ratio of debt and equity. The bank debt as December 31, 2014 was $66,029,307, net of issuance costs of $33,970,693, and represented 1.3% of total assets. In order to maintain an appropriate ratio between assets and liabilities, the Mexican General Regulations Applicable to Securities Issuers establishes a limit for the assumption of credits in charge of the Trust and considers a debt service index. Fibra INN s capital consists mainly of equity. The objectives of capital management are to manage the capital to make sure that the operating funds are available to maintain consistency and sustainability in the distributions to its shareholders and fund required capital expenses, as well as provide necessary resources for the acquisition and development of new properties. Financial risk management The objective of the Trust s financial risk management, is to comply with its financial expectations, operating results and cash flows that improve the financial position of Fibra INN, also to ensure the ability of making distributions to CBFIs holders and to satisfy any future debt obligations. The role of the Technical Committee of Fibra INN is to advise and instruct the trustee with the sale or repurchase of CBFIs, analyze and approve potential investments, acquisitions and disposals, provide corporate services, coordinate access to domestic financial markets, monitor and manage the financial risks associated with Fibra INN s operations through internal risk reports which analyze exposures by degree and risk magnitude. These risks include market risk (including risk of changes in market prices, currency risk and interest rate risk), credit risk and liquidity risk. Market risk management Fibra INN s activities may be exposed to finance risks related to changes in market interest rates, foreign exchange rates and mainly in market prices, affecting the revenues of the Trust or the value of its financial instruments. Interest rate risk a. The financial position in foreign currency as of December 31, 2014 and 2013 is: U.S. Dollars: Financial assets 529, ,382 Financial liabilities 92, ,070 (Long) short financial position (436,739) 32,688 b. The exchange rates, in Mexican Pesos, as of the date of the consolidated financial statemens are as follows: U.S. Dollar Sensitivity analysis to foreign exchange risk If the exchange rate were to increase or decrease $1 Mexican peso per U.S. dollar with all other variables held constant, the results of the year and equity of Fibra INN for the year ended December 31, 2014, would have a positive or negative effect, respectively, of approximately $436,739. Effect in equity and Exchange rate Balances (MXN) profit or loss (MXN) + $1 USD $ 6,871,996 $ 436,739 No change $ 6,435,257 $1 USD $ 5,998,518 $ (436,739) Fibra INN can obtain financing under different conditions, either from third parties or related parties and variable interest rates would expose it to changes in market rates. As of December 31, 2014, the Trust is not significantly exposed to interest rate variations because it entered into a derivative financial instrument to hedge the total outstanding balance of the financial debt described in note 16, through an interest rate swap with the same maturity of the outstanding balance. Foreign currency risk Fibra INN enters into transactions denominated in U.S. dollars, therefore, it is exposed to currency fluctuations between the exchange rate of the Mexican peso and the U.S. dollar. Credit risk management Credit risk refers to the risk that a counterparty breaches its contractual obligations resulting in financial loss to Fibra INN. Virtually, all of Fibra INN s income is derived from hotel services. As a result, its performance depends on its ability to collect the amounts from hotel services rendered to guests and the guests ability to make the payments. Revenue and funds available for distribution would be adversely affected if a significant number of guests do not make the rental payments when they are due; which could result in the closing of operations or bankruptcy. The administration of Fibra INN has determined that the maximum exposure to credit risk is shown in the statement of financial position for its accounts receivables, related parties and other accounts receivables. As mentioned in note 6, the Trust does not have receivables overdue that are significant as of the date of these financial statements, thus it has not recognized an allowance for doubtful accounts. In addition, Fibra INN limits the exposure to credit risk investing solely in liquid instruments and with high-credit quality counterparties. Hence, management does not expect that any of its counterparties will not meet their obligations.

48 Liquidity risk management Liquidity risk represents the possibility that Fibra INN has difficulties to comply with its obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Fibra INN has established an appropriate framework for managing liquidity risk in the short, medium and long term. Fibra INN manages its liquidity risk by maintaining adequate reserves, monitoring expected cash flow requirements and actual income, and by managing the maturity profiles of its financial assets and liabilities. The Treasury department monitors the maturity of its liabilities to comply with the respective payments The following table shows Fibra INN s outstanding maturities for non-derivative financial liabilities as of December 31, 2014: 1 year More than 1 year Suppliers $ 53,301,237 Other payables 4,025,327 Properties acquisition liability 144,654,899 Accounts payable to related parties 67,343,389 2,044,222 Bank charges due to bank 10,700,694 4,600,000 Client prepayments 4,783,497 Bank loans 66,029,307 $ 284,809,043 72,673,529 The following table shows the contractual maturity of the remaining financial liabilities (debt) with established payment periods. The table has been prepared from the financial liabilities undiscounted cash flows based on the earliest date in which Fibra INN is required to pay. To the extent that the interest cash flows are variable, the undiscounted amount is derived from the interest rates available at the end of the reporting period. The contractual maturity is based on the earliest date in which Fibra INN may be required to make the corresponding payments. Less than More than 1 year 1 2 years 2 3 years 3 4 years 4 5 years 5+ years As of December 31, 2014 Instruments with variable interest rate $ 5,802,000 5,802,000 5,885,333 6,343, ,092,000 $ 5,802,000 5,802,000 5,885,333 6,343, ,092, BANK LOANS On September 9, 2014 the Trust signed an agreement to enter into a bank line of credit for $2,300,000,000 to fund its acquisition and development growth plan. The institutions participating in the line of credit are: Banorte, Actinver, Banamex, BanRegio and Scotiabank. This bank debt is located in a cash line of credit account that has a fiduciary and pledge collateral, with a term of 54 months and payable at maturity. The agreed interest rate is TIIE plus 2.5% for the first three years, plus two increases: an additional 0.25% during months 37 to 45 and a 0.5% additional increase during months 46 to 54. Interest is paid every quarter of the year. The credit agreement establishes certain obligations to do and not to do as well as to meet certain financial ratios, which as of the date of the financial statements have been met by the Trust. As of December 31, 2014, the outstanding balance of bank loans is as follows: Utilized line of credit $ 100,000,000 Less transaction costs 33,970,693 $ 66,029,307 Transaction costs related to obtaining the bank loans are deferred and amortized during the instrument s contractual term. The Trust is contractually required to hedge at least 70% of the outstanding balance with a derivative financial instrument to exchange the TIIE variable interest rate for a fixed rate. As of December 31, 2014, Fibra INN hedged 100% of the outstanding balance with each of the financial institutions participating in the line of credit, through an interest rate swap with the same maturity as the disposed balance. As of December 31, 2014, there are bank charges payable for $15,300,694 of which $4,600,000 are long-term. At the beginning of the fiscal year 2014, Fibra INN obtained short-term loans for $900,000,000 with Actinver and Banorte. Such loans were settled during November COMMITMENTS a. Minimum lease payments The minimum lease payments for operating leases where Fibra Inn is the lessee, are as follows: The amounts of the financial instruments included with variable interest rates are subject to changes if such rate varies with reference to the estimates made at the date of the financial statements. Year Total Less than 1 year $ 27,781, years 111,124,800 More than 5 years 416,718, $ 555,624,000

49 The minimum lease payments presented above do not consider any adjustment of time value of money to the rental income, to which Fibra INN has contractual rights. As well, it does not consider any variable rents, nor renovation periods, only compulsory terms for lessors. As well, the minimum rental income, by contract, is monitored at least once a year. b. Franchises Fibra INN has entered into franchise contracts to operate with various trademarks such as Intercontinental Hotel Group, Hilton Worldwide, Wyndham Hotel Group International, Marriott International, and W International Inc., which are valid during periods between 10 and 20 years. Derived from these contracts is an obligation to pay royalties between 2% and 5% of the revenue generated from lodging, marketing expenses, loyalty program charges, among others. Total payments arising from these concepts amounted $ 95,934,727 as of December 31, The following information represents the measurements that are informed to level of management in charge of making operating decisions for purposes of allocating and distributing resources as well as assessing segment performance. For the years ended December 31, 2014 and 2013, income from operations of the Trust from external customers by geographic location are as follows: 2014 Northeast South Central West North Consolidated Lodging income $ 294,303, ,566,382 78,590,078 47,691, ,151,025 Rental income 11,058,867 38,799,875 1,403, ,409 52,121,853 Other operating income Gross margin 119,244, ,986,889 26,827,764 17,223, ,281,955 Property, furniture and equipment 1,793,333,136 2,844,231, ,114, ,424,024 6,041,103,702 Depreciation 33,049,930 57,911,481 12,377,259 4,917, ,256,594 c. Litigation Fibra INN is involved in various lawsuits and claims arising from the normal course of business and other contractual obligations, which are not expected to have a significant effect on its financial position and future results of operations. d. Tax contingencies Under current tax law, the authorities are entitled to examine the five fiscal years prior to the last tax return presented. In accordance with the Income Tax Law, companies that conduct transactions with related parties are subject to certain limitations and tax requirements, regarding the determination of the agreed prices, because they must be equivalent to those that would be used in arm s-length transactions. In case the tax authorities review the prices and reject the agreed amounts, they may require, in addition to the collection of the corresponding tax and complementary charges (interest and inflation), penalties on unpaid taxes, which could be up to a 100% of the inflation adjusted amounts Northeast South Central West North Consolidated Lodging income $ 1,980,292 5,805, , ,213 8,748,822 Rental income 78,984,409 67,135,872 10,517,280 10,304, ,942,188 Other operating income 12,354,536 10,560,227 3,229,850 1,075,917 27,220,530 Gross margin 82,812,170 72,786,030 12,944,365 9,902, ,444,946 Property, furniture and equipment 1,284,720,332 2,457,858, ,369, ,919,757 4,296,168,118 Depreciation 22,803,588 21,165,780 4,355,830 2,238,181 50,563, SUBSEQUENT EVENTS On February 26, 2015, Fibra INN announced the cash distribution from the capital reimbursement for the period from October 1 to December which was paid on March 6, The total payment in national currency amounted $74,615,156 with a value of per outstanding CBFI. 18. BUSINESS SEGMENT INFORMATION 20. NEW ACCOUNTING PRONOUNCEMENTS According to IFRS 8, Operating Segments, Fibra INN discloses financial information by region that is informed and that is regularly monitored by the Technical Committee and the executives in charge of making decisions. Fibra INN operates in four geographical areas that constitute its reportable segments: Fibra INN adopted the following new and revised IFRS effective for periods that began on or after January 1, 2014, as well as a series of effective IFRS for future periods: Amendments to IFRS 10, Consolidated Financial Statements, Amendments to IAS 32, Offsetting Financial Assets and Financial Liabilities Northeast (Nuevo León, Coahuila and Tamaulipas) Amendments to IAS 36, Impairment of Assets South Central (Querétaro, Estado de México, Puebla, Guanajuato, Quintana Roo and Distrito Federal) Amendments to IAS 39, Financial Instruments: Recognition and Measurement West (Jalisco); and IFRIC 21, Levies North (Chihuahua and Sinaloa). Amendments to IAS 19, Employee Benefits Annual Improvements There were no intersegment transactions recorded. The accounting principles of the reportable segments are the same accounting Annual Improvements policies of the Trust described in note 3. The gross margin by segment represents the net income on the same basis presented in Annual Improvements the consolidated income statement. 95 Amendments to IAS 16, Property, Plant and Equipment and y IAS 38 Intangible Assets Amendments to IAS 1, Disclosure Initiative

50 Fibra INN did not have significant impacts in its consolidated financial statements derived from the adoption of these IFRS and amendments. New IFRS not yet adopted On the other hand, Fibra INN has not applied the following new and revised IFRSs that have been issued but are not yet effective as of December 31, IFRS 9, Financial Instruments INFORMATION FOR INVESTORS INVESTOR RELATIONS In Monterrey, México: Lizette Chang Investor Relations Phone: 52(81) IFRS 9, Financial Instruments issued in July 2014, is the replacement of IAS 39 Financial Instruments: Recognition and Measurement. This standard includes requirements for recognition and measurement, impairment, de-recognition and general hedge accounting. This version supersedes all previous versions and is mandatorily effective for periods beginning on or after January 1, 2018, with early adoption being permitted. IFRS 9 (2014) does not replace the requirements for portfolio fair value hedge accounting for interest rate risk since this face of the project was separated from the IFRS 9 project. IFRS 9 (2014) is a complete standard that includes the requirements previously issued and the additional amendments to introduce a new expected loss impairment model and limited changes to the classification and measurement requirements for financial assets. More specifically, the new impairment model is based on expected credit losses rather than incurred losses, and will apply to debt instruments measured at amortized cost or FVTOCI, lease receivables, contract assets and certain written loan commitments and financial guarantee contracts. Regarding the new measurement category of FVTOCI, it will apply for debt instruments held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets. Fibra INN is in the process of assessing the potential impacts from the adoption of this standard in their financial statements. IFRS 15, Revenue from Contracts with Customers IFRS 15, Revenue from Contracts with Customers, was issued in May 2014 and applies to annual reporting periods beginning on or after 1 January 2017, earlier application is permitted. Revenue is recognized as control is passed, either over time or at a point in time. In New York, U.S. Maria Barona / Melanie Carpenter i-advize Corporate Communications, Inc. s: mbarona@i-advize.com / mcarpenter@i-advize.com Phone: (212) /3692 Headquarters Fibra Inn Ricardo Margain Zozaya 605, Floor 1, Santa Engracia, San Pedro Garza García, Nuevo León, 66267, México Phone: 52 (81) Independent Auditors KPMG Cárdenas Dosal, S.C. Manuel Ávila Camacho 176 Col. Reforma Social, 11650, México, D.F. Phone: 52(55) CBFI Information Issuer: Deutsche Bank México, S.A., Multi-Bank Institution Fiduciary Division, Trust No. F/1616 Ticker Symbol FINN13 Type of Security Real Estate Trust Stock Certificates Domestic Market Mexican Stock Exchange Foreign Market Rule 144A and Reg S The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In applying the revenue model to contracts within its scope, an entity will: 1) Identify the contract(s) with a customer ; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; 5) Recognize revenue when (or as) the entity satisfies a performance obligation. Also, an entity needs to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Fibra INN is in the process of assessing the potential impacts from the adoption of this standard in their financial statements. Trustee Deutsche Bank México, S.A., Institución de Banca Múltiple, División Fiduciaria Global Transaction Banking - Trust & Agency Services Blvd. Manuel Avila Camacho No. 40, Piso 17 Col. Lomas de Chapultepec, C.P , México D.F. Phone: 52(55) Common Representative CI Banco S.A.: Mónica Jiménez Labora Sarabia This report has been designed for electronic circulation and only a limited number of copies have been printed. Fibra Inn reiterates its commitment to the environment by using innocuous materials. The 2014 Fibra Inn Annual Report may include certain 96 mjimenezlabora@cibanco.com expectations of results for Fibra Inn, its subsidiary and and/or instruccionesmexico@cibanco.com related parties. These projections, which are dependant 97 Cordillera de los Andes No. 265, Piso 8, on management expectations, are based on present Col. Lomas de Chapultepec, 11000, México D.F. and known information. However, these expectations Phone: 52 (55) could change due to facts, circumstances and events that are beyond the control of Fibra Inn. Design and production: Milenio3 / Genera

51 Ricardo Margain Zozaya 605, FL1 Col. Santa Engracia San Pedro Garza García, Nuevo León 66267, México Phone: 52 (81)